AstraZeneca (AZN) 20-F18 Feb 252024 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, 2024 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
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	2024
Document Financial Statement Error Correction [Flag]	false
Business Contact
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	1,550,546,239
Preference shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	50,000
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
4.800% Notes due 2027
Document and Entity Information
Title of 12(b) Security	4.800% Notes due 2027
Trading Symbol	AZN 27B
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
4.875% 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
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
4.850% Notes due 2029
Document and Entity Information
Title of 12(b) Security	4.850% Notes due 2029
Trading Symbol	AZN 29A
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
4.900% Notes due 2031
Document and Entity Information
Title of 12(b) Security	4.900% Notes due 2031
Trading Symbol	AZN 31A
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
5.000% Notes due 2034
Document and Entity Information
Title of 12(b) Security	5.000% Notes due 2034
Trading Symbol	AZN 34
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statement of Comprehensive Income
Product Sales		$ 50,938	$ 43,789	$ 42,998
Alliance Revenue		2,212	1,428	755
Collaboration Revenue		923	594	598
Total Revenue		54,073	45,811	44,351
Cost of sales		(10,207)	(8,268)	(12,391)
Gross profit		43,866	37,543	31,960
Distribution expense		(555)	(539)	(536)
Research and development expense		(13,583)	(10,935)	(9,762)
Selling, general and administrative expense		(19,977)	(19,216)	(18,419)
Other operating income and expense		252	1,340	514
Operating profit		10,003	8,193	3,757
Finance income		458	344	95
Finance expense		(1,742)	(1,626)	(1,346)
Share of after tax losses in associates and joint ventures		(28)	(12)	(5)
Profit before tax		8,691	6,899	2,501
Taxation		(1,650)	(938)	792
Profit for the period		7,041	5,961	3,293
Other comprehensive income:
Remeasurement of the defined benefit pension liability		80	(406)	1,118
Net gains/(losses) on equity investments measured at fair value through Other comprehensive income		139	278	(88)
Fair value movements related to own credit risk on bonds designated as fair value through profit or loss		12	(6)	2
Tax on items that will not be reclassified to profit and loss		(43)	101	(216)
Total other comprehensive income that will not be reclassified to profit and loss, net of tax		188	(33)	816
Foreign exchange arising on consolidation		(957)	608	(1,446)
Foreign exchange arising on designated liabilities in net investment hedges		(122)	24	(282)
Fair value movements on cash flow hedges		(129)	266	(97)
Fair value movements on cash flow hedges transferred to profit and loss		177	(145)	73
Fair value movements on derivatives designated in net investment hedges		39	44	(8)
Costs of hedging		(21)	(19)	(7)
Tax on items that may be reclassified subsequently to profit and loss		25	(12)	73
Other comprehensive (loss)/income that may be reclassified to profit and loss, net of tax		(988)	766	(1,694)
Other comprehensive (expense)/income for the period, net of tax	[1]	(800)	733	(878)
Total comprehensive income for the period		6,241	6,694	2,415
Profit attributable to:
Owners of the Parent		7,035	5,955	3,288
Non-controlling interests		6	6	5
Total comprehensive income attributable to:
Owners of the Parent		6,236	6,688	2,413
Non-controlling interests		5	6	2
Total comprehensive income for the period		$ 6,241	$ 6,694	$ 2,415
Basic earnings per $0.25 Ordinary Share		$ 4.54	$ 3.84	$ 2.12
Diluted earnings per $0.25 Ordinary Share		$ 4.5	$ 3.81	$ 2.11
Weighted average number of Ordinary Shares in issue (millions)		1,550	1,549	1,548
Diluted weighted average number of Ordinary Shares in issue (millions)		1,563	1,562	1,560

[1]Included within Other comprehensive expense of $800m (2023: income of $733m; 2022: expense of $878m) is a charge of $21m (2023: $19m; 2022: $7m), relating to Costs of hedging.

Consolidated Statement of Com_2

Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statement of Comprehensive Income
Par value per ordinary share	$ 0.25	$ 0.25	$ 0.25
Dividends declared and paid in the period	$ 4,602	$ 4,487	$ 4,485

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Property, plant and equipment	$ 10,252	$ 9,402	$ 8,507
Right-of-use assets	1,395	1,100	942
Goodwill	21,025	20,048	19,820
Intangible assets	37,177	38,089	39,307
Investments in associates and joint ventures	268	147	76
Other investments	1,632	1,530	1,066
Derivative financial instruments	182	228	74
Other receivables	930	803	835
Deferred tax assets	5,347	4,718	3,263
Total non-current assets	78,208	76,065	73,890
Current assets
Inventories	5,288	5,424	4,699
Trade and other receivables	12,972	12,126	10,521
Other investments	166	122	239
Derivative financial instruments	54	116	87
Income tax receivable	1,859	1,426	731
Cash and cash equivalents	5,488	5,840	6,166
Assets held for sale	0	0	150
Total current assets	25,827	25,054	22,593
Total assets	104,035	101,119	96,483
Current liabilities
Interest-bearing loans and borrowings	(2,337)	(5,129)	(5,314)
Lease liabilities	(339)	(271)	(228)
Trade and other payables	(22,465)	(22,374)	(19,040)
Derivative financial instruments	(50)	(156)	(93)
Provisions	(1,269)	(1,028)	(722)
Income tax payable	(1,406)	(1,584)	(896)
Current liabilities	(27,866)	(30,542)	(26,293)
Non-current liabilities
Interest-bearing loans and borrowings	(26,506)	(22,365)	(22,965)
Lease liabilities	(1,113)	(857)	(725)
Derivative financial instruments	(115)	(38)	(164)
Deferred tax liabilities	(3,305)	(2,844)	(2,944)
Retirement benefit obligations	(1,330)	(1,520)	(1,168)
Provisions	(921)	(1,127)	(896)
Income tax payable	(238)
Other payables	(1,770)	(2,660)	(4,270)
Total non-current liabilities	(35,298)	(31,411)	(33,132)
Total liabilities	(63,164)	(61,953)	(59,425)
Net assets	40,871	39,166	37,058
Equity
Share capital	388	388	387
Share premium account	35,226	35,188	35,155
Capital redemption reserve	153	153	153
Merger reserve	448	448	448
Other reserves	1,411	1,464	1,468
Retained earnings	3,160	1,502	(574)
Total equity attributable to owners of parent	40,786	39,143	37,037
Non-controlling interests	85	23	21
Total equity	$ 40,871	$ 39,166	$ 37,058

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, 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 reserves						24	(24)
Dividends							(4,485)	(4,485)		(4,485)
Issue of Ordinary Shares			29					29		29
Share-based payments charge for the period							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 reserves						(4)	4
Dividends							(4,487)	(4,487)		(4,487)
Dividends paid to non-controlling interests									(4)	(4)
Issue of Ordinary Shares		1	33					34		34
Share-based payments charge for the period							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
Profit for the period							7,035	7,035	6	7,041
Other comprehensive income/(expense)	[1]						(799)	(799)	(1)	(800)
Transfer to other reserves	[2]					15	(15)
Dividends							(4,602)	(4,602)		(4,602)
Dividends paid to non-controlling interests									(4)	(4)
Issue of Ordinary Shares			38					38		38
Changes in non-controlling interest									61	61
Movement in shares held by Employee Benefit Trusts						(68)		(68)		(68)
Share-based payments charge for the period							660	660		660
Settlement of share plan awards							(621)	(621)		(621)
Net movement			38			(53)	1,658	1,643	62	1,705
Equity at end of period at Dec. 31, 2024		$ 388	$ 35,226	$ 153	$ 448	$ 1,411	$ 3,160	$ 40,786	$ 85	$ 40,871

[1]Included within Other comprehensive expense of $800m (2023: income of $733m; 2022: expense of $878m) is a charge of $21m (2023: $19m; 2022: $7m), relating to Costs of hedging.[2]Amounts charged or credited to other reserves relate to exchange adjustments arising on goodwill and movements in shares held by Employee Benefit Trusts.

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of changes in equity [abstract]
Other comprehensive income/(expense)	[1]	$ (800)	$ 733	$ (878)
Costs of hedging		$ (21)	$ (19)	$ (7)

[1]Included within Other comprehensive expense of $800m (2023: income of $733m; 2022: expense of $878m) is a charge of $21m (2023: $19m; 2022: $7m), relating to Costs of hedging.

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Profit before tax	$ 8,691	$ 6,899	$ 2,501
Finance income and expense	1,284	1,282	1,251
Share of after tax losses of associates and joint ventures	28	12	5
Depreciation, amortisation and impairment	6,688	5,387	5,480
Increase in trade and other receivables	(1,624)	(1,425)	(1,349)
(Increase)/decrease in inventories	(131)	(669)	3,941
Increase in trade and other payables and provisions	862	2,394	1,165
Gains on disposal of intangible assets	(64)	(251)	(104)
Fair value movements on contingent consideration arising from business combinations	311	549	82
Non-cash and other movements	(121)	(386)	(692)
Cash generated from operations	15,924	13,792	12,280
Interest paid	(1,313)	(1,081)	(849)
Tax paid	(2,750)	(2,366)	(1,623)
Net cash inflow from operating activities	11,861	10,345	9,808
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired	(2,771)	(189)	(48)
Payments upon vesting of employee share awards attributable to business combinations	(3)	(84)	(215)
Payment of contingent consideration from business combinations	(1,008)	(826)	(772)
Purchase of property, plant and equipment	(1,924)	(1,361)	(1,091)
Disposal of property, plant and equipment	55	132	282
Purchase of intangible assets	(2,662)	(2,417)	(1,480)
Disposal of intangible assets	123	291	447
Movement in profit-participation liability		190
Purchase of non-current asset investments	(96)	(136)	(45)
Disposal of non-current asset investments	78	32	42
Movement in short-term investments, fixed deposits and other investing instruments	30	97	(114)
Payments to associates and joint ventures	(158)	(80)	(26)
Disposal of investments in associates and joint ventures	13
Interest received	343	287	60
Net cash outflow from investing activities	(7,980)	(4,064)	(2,960)
Net cash inflow before financing activities	3,881	6,281	6,848
Cash flows from financing activities
Proceeds from issue of share capital	38	33	29
Own shares purchased by Employee Benefit Trusts	(81)
Issue of loans and borrowings	6,492	3,816
Repayment of loans and borrowings	(4,652)	(4,942)	(1,271)
Dividends paid	(4,629)	(4,481)	(4,364)
Hedge contracts relating to dividend payments	16	(19)	(127)
Repayment of obligations under leases	(316)	(268)	(244)
Movement in short-term borrowings	(31)	161	74
Payment of Acerta Pharma share purchase liability	(833)	(867)	(920)
Net cash outflow from financing activities	(3,996)	(6,567)	(6,823)
Net (decrease)/increase in Cash and cash equivalents in the period	(115)	(286)	25
Cash and cash equivalents at the beginning of the period	5,637	5,983	6,038
Exchange rate effects	(93)	(60)	(80)
Cash and cash equivalents at the end of the period	$ 5,429	$ 5,637	$ 5,983

Group Accounting Policies

Group Accounting Policies	12 Months Ended
Group Accounting Policies	Dec. 31, 2024
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 The following amendments and interpretations have been issued and adopted: > amendments to IAS 1 'Presentation of Financial Statements', effective for periods beginning on or after 1 January 2024 - endorsed by the United Kingdom 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 'Statem ent of Cash Flows', effective for periods beginning on or after 1 January 2024 - endorsed by the UKEB on 28 November 2023 > amendments to IFRS 7 ' Financial Instruments', effective for periods beginning on or after 1 January 2024 - endorsed by the UKEB on 28 November 2023. The above amendments and interpretations did not have a significant impact on the Group’s net results, net assets or disclosures. Employee Benefit Trusts Following an amendment to the Employee Benefit Trust (EBT) Deed on 10 June 2024, AstraZeneca obtained control and commenced consolidation of the EBT from June 2024. From that date, cash paid on purchases of AstraZeneca Ordinary shares or American Depository Receipts is presented within Financing activities in the Consolidated Statement of Cash Flows. Basis for preparation of Financial Statements on a going concern basis The Group has considerable financial resources available. As at 31 December 2024, the Group has $10.4bn in financial resources (cash and cash equivalent balances of $5.5bn and undrawn committed bank facilities of $4.9bn that were available until April 2029), with $2.7bn of borrowings due within one year. These facilities contain no financial covenants, and in January 2025 their maturity was extended to April 2030. The Group has assessed the prospects of the Group over a period longer than the required 12 months from the date of Board approval of these Consolidated Financial Statements, with no deterioration noted requiring a further extension of this review. 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 on page 153 and Note 1 on page 160 > expensing of internal development expenses – see Research and development accounting policy on page 154 > impairment reviews of Intangible assets – see Note 10 on page 173 > useful economic life of Intangible assets – see Research and development accounting policy on page 154 > business combinations and Goodwill – see Business combinations and goodwill accounting policy on page 157 > litigation liabilities – see Litigation and Environmental Liabilities within Note 30 on page 205 > operating segments – see Note 6 on page 166 > employee benefits – see Note 22 on page 190 > taxation – see Note 30 on page 211. The Group has assessed the impact of sustainability topics on its financial reporting. This includes an impact assessment on the valuation and useful lives of Intangible assets and the identification and measurement of provisions and contingent liabilities in response to climate and pollution risks. Sustainability-related opportunities on innovation are integral to the Financial Statements with a key indicator of the Group’s investment being R&D expense. Business conduct and patient safety are both considered as part of our recognition and measurement of provisions and contingent liabilities, noted within sections of Government investigations and proceedings and Product liability litigation as relevant, of Note 30. 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 194. 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 Statement of Financial Position 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 ‘Revenue from Contracts with Customers’, 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 share of gross profits, a share of revenues or a royalty. This revenue is recognised when the Group's right to receive the share of the collaboration partner’s income is established and can be reliably measured. Where an out-licensing arrangement meets the definition of a licence agreement, sales royalties are recognised when achieved by applying the royalty exemption under IFRS 15. 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 2024, 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 includes 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 ‘Revenue from Contracts with Customers’. 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 and loss; 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 and loss 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. Current tax includes the Group's charge for any Pillar Two income taxes. 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. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 ‘Income Taxes’ issued in May 2023. 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 211. 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 purchase of shares by consolidated Employee Benefit Trusts (EBTs) relating to the vesting of share plans are recognised within financing activities. Cash outflows relating to the employer and employee taxes paid on vesting of share plans are recognised in operating activities as they relate to employee remuneration. The cash flows relating to replacement awards issued to employees as part of the Alexion acquisition 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 avera

Revenue

Revenue	12 Months Ended
Revenue	Dec. 31, 2024
Revenue.
Revenue	Notes to the Group Financial Statements 1 Revenue Product Sales 2024 2023 2022 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 2,763 1,755 1,301 761 6,580 2,276 1,621 1,120 782 5,799 2,007 1,567 1,023 847 5,444 Imfinzi 2,603 479 948 687 4,717 2,171 355 742 751 4,019 1,539 287 544 401 2,771 Calquence 2,190 153 656 130 3,129 1,815 98 493 108 2,514 1,657 45 286 69 2,057 Lynparza 1,332 655 832 253 3,072 1,254 542 734 281 2,811 1,226 488 655 269 2,638 Enhertu – 350 126 69 545 – 169 60 32 261 – 51 21 7 79 Zoladex 16 795 148 99 1,058 14 687 133 118 952 15 657 133 122 927 Imjudo 180 16 36 49 281 146 5 16 51 218 13 – – – 13 Truqap 408 2 12 8 430 6 – – – 6 – – – – – Orpathys – 44 – – 44 – 44 – – 44 – 33 – – 33 Others 18 253 23 125 419 37 307 34 143 521 27 409 64 169 669 9,510 4,502 4,082 2,181 20,275 7,719 3,828 3,332 2,266 17,145 6,484 3,537 2,726 1,884 14,631 Cardiovascular, Renal & Metabolism: Farxiga 1,750 2,853 2,634 419 7,656 1,451 2,211 1,881 420 5,963 1,071 1,665 1,297 348 4,381 Brilinta 751 294 268 20 1,333 744 285 271 24 1,324 744 286 282 46 1,358 Crestor 46 934 37 136 1,153 55 862 52 138 1,107 65 794 41 148 1,048 Seloken/Toprol-XL – 589 13 3 605 1 621 11 7 640 – 839 14 9 862 Lokelma 256 86 92 108 542 214 50 58 90 412 170 20 30 69 289 Roxadustat – 331 – – 331 – 271 – – 271 – 197 – – 197 Andexxa 81 3 80 55 219 75 – 62 45 182 77 – 41 32 150 Wainua 85 – – – 85 – – – – – – – – – – Others 106 249 146 23 524 212 286 168 20 686 352 318 201 32 903 3,075 5,339 3,270 764 12,448 2,752 4,586 2,503 744 10,585 2,479 4,119 1,906 684 9,188 Respiratory & Immunology: Symbicort 1,187 805 559 328 2,879 726 753 549 334 2,362 973 608 582 375 2,538 Fasenra 1,049 92 404 144 1,689 992 64 355 142 1,553 906 43 305 142 1,396 Pulmicort 6 568 71 37 682 28 575 68 42 713 65 462 69 49 645 Breztri 516 245 143 74 978 383 161 81 52 677 239 92 33 34 398 Tezspire – 11 156 81 248 – 1 48 37 86 – – 2 2 4 Saphnelo 425 7 26 16 474 260 2 8 10 280 111 – 2 3 116 Airsupra 66 – – – 66 2 – – – 2 – – – – – Others 167 169 57 7 400 156 215 55 8 434 361 238 61 8 668 3,416 1,897 1,416 687 7,416 2,547 1,771 1,164 625 6,107 2,655 1,443 1,054 613 5,765 Vaccines & Immune Therapies: Synagis (8) 210 116 129 447 (1) 195 175 177 546 1 173 213 191 578 Beyfortus 232 – 84 2 318 87 – 19 – 106 – – – – – FluMist 28 1 204 25 258 23 1 188 4 216 21 1 151 2 175 COVID-19 mAbs 28 – 3 – 31 – 6 12 114 132 1,067 413 298 407 2,185 Others – 2 2 – 4 – 10 2 – 12 79 729 365 625 1,798 280 213 409 156 1,058 109 212 396 295 1,012 1,168 1,316 1,027 1,225 4,736 Rare Disease: Ultomiris 2,261 141 884 638 3,924 1,750 71 668 476 2,965 1,136 38 481 310 1,965 Soliris 1,523 443 416 206 2,588 1,734 424 670 317 3,145 2,180 301 805 476 3,762 Strensiq 1,167 54 99 96 1,416 937 40 89 86 1,152 769 35 78 76 958 Koselugo 212 177 103 39 531 195 59 53 24 331 162 26 20 – 208 Kanuma 100 34 66 9 209 85 29 49 8 171 77 31 44 8 160 5,263 849 1,568 988 8,668 4,701 623 1,529 911 7,764 4,324 431 1,428 870 7,053 Other: Nexium 96 591 60 120 867 115 578 53 199 945 120 568 46 551 1,285 Others 15 144 43 4 206 18 153 52 8 231 24 220 77 19 340 111 735 103 124 1,073 133 731 105 207 1,176 144 788 123 570 1,625 Product Sales 21,655 13,535 10,848 4,900 50,938 17,961 11,751 9,029 5,048 43,789 17,254 11,634 8,264 5,846 42,998 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 in 2024 was 0.6% (2023: 1.0%; 2022: 1.3%); 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 in 2024 of 0.1% (2023: 0.3%; 2022: 0.5%) and Managed Care and Medicare of 0.6% (2023: 0.5%; 2022: 0.8%). The adjustment in respect of the prior year net US Product Sales, excluding the Rare Disease therapy area in 2024, was 0.8% (2023: 1.4%; 2022: 1.6%), with Medicaid and state programmes of 0.1% (2023: 0.4%; 2022: 0.6%) and Managed Care and Medicare of 0.7% (2023: 0.7%; 2022: 1.1%). 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 2024 2023 2022 $m $m $m Enhertu 1,437 1,022 523 Tezspire 436 259 79 Beyfortus 237 57 – Vaxzevria – – 76 Other royalty income 91 81 68 Other Alliance Revenue 11 9 9 2,212 1,428 755 Collaboration Revenue 2024 2023 2022 $m $m $m Lynparza 600 – – Beyfortus 167 27 – Koselugo 100 – – Farxiga 56 29 – Lynparza – 245 355 COVID-19 mAbs: licence fees – 180 – Beyfortus – 71 25 tralokinumab: sales milestones – 20 110 Nexium – – 62 Other Collaboration Revenue – 22 46 923 594 598

Operating profit

Operating profit	12 Months Ended
Operating profit	Dec. 31, 2024
Operating profit
Operating profit	2 Operating profit Operating profit includes the following significant items: Cost of sales In 2024, Cost of sales includes a charge of $nil (2023: $114m; 2022: $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. Selling, general and administrative expense In 2024, Selling, general and administrative expense includes a charge of $260m (2023: $520m; 2022: $182m) 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 2024, Selling, general and administrative expense also includes a charge of $48m (2023: $1,013m; 2022: $789m) 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 $nil (2023: $74m; 2022: $113m) 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 of $nil (2023: $nil; 2022: $112m) and Vaxzevria Other operating income and expense 2024 2023 2022 $m $m $m Royalty income 103 107 59 Gains on disposal of intangible assets 64 251 104 Net (losses)/gains on disposal of other non-current assets (4) 41 112 Update to the contractual relationships for Beyfortus – 712 – Other income 1 210 393 439 Other expense (121) (164) (200) Other operating income and expense 252 1,340 514 1 Other income in 2024 includes $ nil of income from Allergan Plc. in respect of the development of brazikumab (2023: $75 m; 2022: $138 m). Gains on disposal of intangible assets in 2023 includes $241m on disposal of commercial rights to Pulmicort Flexhaler Net (losses)/gains 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). As part of the total consideration received in respect of the agreement to sell US rights to Synagis Beyfortus Beyfortus Beyfortus Restructuring costs In conjunction with the acquisition of Alexion in 2021, the enlarged Group initiated the Post Alexion Acquisition Group Review (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 identified all remaining activities and finalised the scope of the programme. During 2024, the Group has undertaken a further assessment of those planned activities. This included 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. During 2024, the Group has incurred $1,154m of restructuring costs, of which $1,115m resulted from activities that are part of the PAAGR, bringing the cumulative charges under this programme to $3,182m. Costs in 2024 included $529m within Cost of sales primarily due to inventory and related product provisions related to Andexxa Total restructuring costs in 2024 includes a net impairment charge to Property, plant and equipment of $43m (2023: charge of $7m; 2022: reversal of $4m), a $7m impairment charge to Right-of-use assets (2023: $13m; 2022: $nil) and no impairment of Intangible assets (2023: $nil; 2022: reversal of $17m relating to software development costs). 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. 2024 2023 2022 $m $m $m Cost of sales 569 109 266 Distribution expense – – 2 Research and development expense 275 212 111 Selling, general and administrative expense 312 207 405 Other operating income and expense (2) (61) (67) Total charge 1,154 467 717 2024 2023 2022 $m $m $m Severance costs 213 57 187 Accelerated depreciation and impairment charges 64 68 135 Other 1 877 342 395 Total charge 1,154 467 717 1 Other costs are those incurred in designing and implementing the Group’s various restructuring initiatives. In 2024, Other costs included $480 m for inventory and related product provisions related to Andexxa following the decision to cease promotional activities. Other costs also include the 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: 2024 2023 2022 $m $m $m (Losses)/gains on forward foreign exchange contracts (81) 42 150 Losses on receivables and payables (143) (260) (203) Total (224) (218) (53) Impairment charges Details of impairment charges for 2024, 2023 and 2022 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, 2024
Finance income and expense
Finance income and expense	3 Finance income and expense 2024 2023 2022 $m $m $m Finance income Returns on deposits and equity securities 339 291 78 Fair value gains on debt and interest rate swaps 113 43 14 Interest income on income tax balances 6 10 3 Total 458 344 95 Finance expense Interest on debt, leases and other financing costs (1,391) (1,132) (889) Net interest on post-employment defined benefit plan net liabilities (Note 22) (50) (38) (29) Net exchange losses (42) (34) (16) Discount unwind on contingent consideration arising from business combinations (Note 20) (113) (132) (168) Discount unwind on other long-term liabilities 1 (116) (200) (216) Fair value losses on debt and interest rate swaps (18) (3) – Interest expense on income tax balances (12) (87) (28) Total (1,742) (1,626) (1,346) Net finance expense (1,284) (1,282) (1,251) 1 Included within Discount unwind on other long-term liabilities is $ nil relating to the Acerta Pharma share purchase liability (2023: $55 m; 2022: $108 m) and the discount unwind of other payables of $ 91 m (2023: $100 m; 2022: $ 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: 2024 2023 2022 $m $m $m Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives 107 13 (9) Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives (38) – – Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances 306 177 54 Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost (1,251) (1,004) (837) The Group held derivatives that economically hedged a debt instrument designated at fair value through profit or loss. Both the derivatives and debt instrument matured in 2023. The Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives, includes the following amounts related to these matured instruments; derivatives $nil (2023: loss of $1m; 2022: loss of $25m); debt $nil (2023: gain of $7m; 2022: gain of $26m).

Taxation

Taxation	12 Months Ended
Taxation	Dec. 31, 2024
Taxation
Taxation	4 Taxation Taxation charge/(credit) recognised in the Consolidated Statement of Comprehensive Income is as follows: 2024 2023 2022 $m $m $m Current tax Current year 2,314 2,417 1,823 Pillar Two income tax charge 238 – – Adjustment to prior years (107) 28 (187) Total 2,445 2,445 1,636 Deferred tax Origination and reversal of temporary differences (818) (1,473) (2,563) Adjustment to prior years 23 (34) 135 Total (795) (1,507) (2,428) Taxation charge/(credit) recognised in the profit for the year 1,650 938 (792) Taxation (charge)/credit recognised in Other comprehensive income is as follows: 2024 2023 2022 $m $m $m Current and deferred tax Items that will not be reclassified to profit and loss: Remeasurement of the defined benefit liability (23) 102 (231) Equity investments measured at fair value through Other comprehensive income (20) (1) 15 Total (43) 101 (216) Items that may be reclassified subsequently to profit and loss: Foreign exchange arising on designated liabilities in net investment hedges 28 (24) 73 Fair value movement on cash flow hedges (3) 12 – Total 25 (12) 73 Taxation (charge)/credit recognised in Other comprehensive income (18) 89 (143) The reported tax rate in the year was 19%. The income tax paid for the year was $2,750m. Taxation has been provided at current rates on the profits earned for the years covered by the Group Financial Statements. The 2024, 2023 and 2022 prior year current tax adjustments relate mainly to tax accrual to tax return adjustments and updates to provisions for tax contingencies. The 2024 prior year deferred tax adjustment relates mainly to tax accrual to tax return adjustments and updates to provisions for tax contingencies. 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. 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 $7,586m at 31 December 2024, $3,585m 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. Tax reconciliation to UK statutory rate The table below reconciles the UK statutory tax charge to the Group’s total tax charge/(credit): 2024 2023 2022 $m $m $m Profit before tax 8,691 6,899 2,501 Notional taxation charge at UK corporation tax rate of 25% (2023: 23.5%; 2022: 19%) 2,173 1,621 475 Differences in effective overseas tax rates 1 (60) (224) (59) Deferred tax credit relating to change in tax rates 2 (24) (66) (108) Unrecognised deferred tax asset 3 104 341 68 Items not deductible for tax purposes 64 46 90 Intellectual Property incentive regimes (561) (367) (265) Pillar Two income taxes 238 – – Other items 4 (200) (406) (941) Adjustments to prior periods 5 (84) (7) (52) Total tax charge/(credit) for the year 1,650 938 (792) 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 2024: $ 0.5 bn) and originated in goodwill. Some of this liability reverses in an intellectual property 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 intellectual property 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 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 Consolidated Statement of Comprehensive Income of $561m in 2024. Deferred tax The total movement in the net deferred tax balance in the year was $168m. The movements are as follows: Intangibles, Elimination of Losses and Property, plant unrealised profit Untaxed tax credits Accrued and equipment on inventory reserves 1 carried forward expenses Other 2 Total $m $m $m $m $m $m $m Net deferred tax balance at 1 January 2022 (5,480) 1,861 (862) 1,518 85 1,002 (1,876) Income statement 3 1,414 274 38 (126) 778 50 2,428 Other comprehensive income 72 – – – – (215) (143) Equity – – – – – 38 38 Exchange 63 (111) 108 (134) 17 (71) (128) Net deferred tax balance at 31 December 2022 (3,931) 2,024 (716) 1,258 880 804 319 Income statement 3 1,518 426 96 (308) (23) (202) 1,507 Other comprehensive income (16) – – – – 83 67 Equity – – – – – (21) (21) Additions and disposals (24) – – 50 – (1) 25 Exchange (38) (64) (40) 106 32 (19) (23) Net deferred tax balance at 31 December 2023 (2,491) 2,386 (660) 1,106 889 644 1,874 Income statement 803 238 (186) 36 74 (170) 795 Other comprehensive income 34 – – – – (42) (8) Equity – – – – – (28) (28) Additions and disposals (605) – – 127 2 (1) (477) Exchange 93 (152) 68 (70) (40) (13) (114) Net deferred tax balance at 31 December 2024⁴ (2,166) 5 2,472 (778) 1,199 925 390 2,042 1 Untaxed reserves relate to taxable profits where the tax liability is deferred to later periods. 2 3 4 Imfinzi 5 The net deferred tax balance, before the offset of balances within countries, consists of: Intangibles, Elimination of Losses and Property, plant unrealised profit Untaxed tax credits Accrued and equipment on inventory reserves carried forward expenses Other 1 Total $m $m $m $m $m $m $m Deferred tax assets at 31 December 2022 1,499 2,048 – 1,274 1,005 885 6,711 Deferred tax liabilities at 31 December 2022 (5,430) (24) (716) (16) (125) (81) (6,392) Net deferred tax balance at 31 December 2022 (3,931) 2,024 (716) 1,258 880 804 319 Deferred tax assets at 31 December 2023 1,883 2,386 – 1,141 1,011 801 7,222 Deferred tax liabilities at 31 December 2023 (4,374) – (660) (35) (122) (157) (5,348) Net deferred tax balance at 31 December 2023 (2,491) 2,386 (660) 1,106 889 644 1,874 Deferred tax assets at 31 December 2024 1,781 2,472 – 1,221 1,039 688 7,201 Deferred tax liabilities at 31 December 2024 (3,947) – (778) (22) (114) (298) (5,159) Net deferred tax balance at 31 December 2024 (2,166) 2,472 (778) 1,199 925 390 2,042 1 The Group revised its presentation of deferred taxes on pension and post-retirement benefits in 2024 to present this within Other. Analysed in the Consolidated Statement of Financial Position, after offset of balances within countries, as follows: 2024 2023 2022 $m $m $m Deferred tax assets 5,347 4,718 3,263 Deferred tax liabilities (3,305) (2,844) (2,944) Net deferred tax balance 2,042 1,874 319 Unrecognised deferred tax assets Deferred tax assets (DTA) of $1,523m (2023: $1,251m; 2022: $807m) 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. 2024 2024 2023 2023 2022 2022 Temporary Unrecognised Temporary Unrecognised Temporary Unrecognised differences DTA differences DTA differences DTA $m $m $m $m $m $m Temporary differences expiring: Within 10 years 161 37 87 22 104 26 More than 10 years 217 46 153 32 153 32 Indefinite 3,883 816 2,788 595 686 163 4,261 899 3,028 649 943 221 Tax credits and State tax losses expiring: Within 10 years 162 152 115 More than 10 years 373 363 384 Indefinite 89 87 87 624 602 586 Total 1,523 1,251 807

Earnings per $0.25 Ordinary Sha

Earnings per $0.25 Ordinary Share	12 Months Ended
Earnings per $0.25 Ordinary Share	Dec. 31, 2024
Earnings per $0.25 Ordinary Share
Earnings per $0.25 Ordinary Share	5 Earnings per $0.25 Ordinary Share 2024 2023 2022 Profit for the year attributable to equity holders ($m) 7,035 5,955 3,288 Basic earnings per Ordinary Share $4.54 $3.84 $2.12 Diluted earnings per Ordinary Share $4.50 $3.81 $2.11 Weighted average number of Ordinary Shares in issue for basic earnings (millions) 1,550 1,549 1,548 Dilutive impact of share options outstanding (millions) 13 13 12 Diluted weighted average number of Ordinary Shares in issue (millions) 1,563 1,562 1,560 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, 2024
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. Product Sales by geographic area are included in the country/region where the legal entity resides and from which those sales were made. 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. Total Revenue 2024 2023 2022 $m $m $m UK 4,740 3,368 3,117 Rest of Europe France 1,283 1,152 1,107 Germany 2,524 2,099 1,902 Italy 949 813 735 Spain 994 847 738 Sweden 2,290 1,704 1,721 Others 3,663 3,110 2,706 11,703 9,725 8,909 The Americas Canada 937 967 1,166 US 21,806 18,121 17,278 Others 2,246 1,683 1,175 24,989 20,771 19,619 Asia, Africa & Australasia Australia 439 390 571 China 6,419 5,872 5,743 Japan 3,452 3,640 3,986 Others 2,331 2,045 2,406 12,641 11,947 12,706 Total Revenue 54,073 45,811 44,351 Total Revenue outside of the UK totalled $49,333m for the year ended 31 December 2024 (2023: $42,443m; 2022: $41,234m). Operating profit/(loss) Profit/(loss) before tax 2024 2023 2022 2024 2023 2022 $m $m $m $m $m $m UK 2,680 665 1,120 1,349 (577) 272 Rest of Europe 5,924 4,885 2,945 6,057 4,999 2,709 The Americas 423 1,495 (954) 318 1,328 (1,140) Asia, Africa & Australasia 976 1,148 646 967 1,149 660 Continuing operations 10,003 8,193 3,757 8,691 6,899 2,501 Non-current assets 1, 2 Total assets 2024 2023 2022 2024 2023 2022 $m $m $m $m $m $m UK 8,699 8,626 8,208 20,139 19,616 16,786 Rest of Europe 30,654 32,905 34,301 37,884 40,638 40,669 The Americas 28,730 26,524 25,425 38,544 34,754 32,990 Asia, Africa & Australasia 2,181 910 929 7,468 6,111 6,038 Continuing operations 70,264 68,965 68,863 104,035 101,119 96,483 Assets acquired 3 Net operating assets 4 2024 2023 2022 2024 2023 2022 $m $m $m $m $m $m UK 582 812 2,301 7,173 5,275 3,863 Rest of Europe 2,225 1,770 522 30,852 32,920 32,726 The Americas 3,925 1,925 421 24,501 22,746 23,290 Asia, Africa & Australasia 1,394 117 51 2,602 1,405 1,895 Continuing operations 8,126 4,624 3,295 65,128 62,346 61,774 1 Non-current assets exclude Deferred tax assets and Derivative financial instruments. 2 In 2023, the Group 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. 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 2024 2023 2022 $m $m $m UK 2,847 2,831 2,526 Ireland 1,323 1,164 1,040 Sweden 1,692 1,678 1,472 US 2,856 2,371 2,176 Rest of the world 1,534 1,358 1,293 Continuing operations 10,252 9,402 8,507 Geographic markets The table below shows Product Sales in each geographic market in which customers are located. 2024 2023 2022 $m $m $m UK 1,314 978 996 Rest of Europe 10,686 8,201 7,503 The Americas 25,081 20,855 20,126 Asia, Africa & Australasia 13,857 13,755 14,373 Continuing operations 50,938 43,789 42,998 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 (2023: one; 2022: one) individually represented greater than 10% of Product Sales. The value of Product Sales to this wholesaler was $7,567m (2023: $6,513m; 2022: $5,387m).

Property, plant and equipment

Property, plant and equipment	12 Months Ended
Property, plant and equipment	Dec. 31, 2024
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 2022 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 Additions through business combinations (Note 27) 1 15 2 18 Capital expenditure 27 63 1,905 1,995 Transfer of assets into use 312 729 (1,041) – Disposals and other movements (44) (271) (40) (355) Exchange adjustments (185) (386) (82) (653) At 31 December 2024 6,580 8,854 2,789 18,223 Depreciation and impairment At 1 January 2022 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 Depreciation charge for the year 231 568 – 799 Impairment charge – (7) 49 42 Disposals and other movements (39) (252) (49) (340) Exchange adjustments (101) (245) – (346) At 31 December 2024 2,856 5,115 – 7,971 Net book value At 31 December 2022 2,951 2,903 2,653 8,507 At 31 December 2023 3,704 3,653 2,045 9,402 At 31 December 2024 3,724 3,739 2,789 10,252 2024 2023 2022 $m $m $m The net book value of land and buildings comprised: Freeholds 3,329 2,976 2,555 Leaseholds 395 728 396

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2024
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 2022 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 Additions through business combinations (Note 27) 20 – – 20 Additions – separately acquired 332 342 18 692 Disposals and other movements (73) (140) (5) (218) Exchange adjustments (43) (33) (2) (78) At 31 December 2024 1,588 664 47 2,299 Depreciation and impairment At 1 January 2022 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 Depreciation charge for the year 183 151 9 343 Impairment charge 7 – – 7 Disposals and other movements (71) (115) (6) (192) Exchange adjustments (22) (14) (1) (37) At 31 December 2024 646 237 21 904 Net book value At 31 December 2022 771 153 18 942 At 31 December 2023 803 280 17 1,100 At 31 December 2024 942 427 26 1,395 Lease liabilities 2024 2023 2022 $m $m $m The present value of lease liabilities is as follows: Within one year (339) (271) (228) Later than one year and not later than five years (825) (657) (549) Later than five years (288) (200) (176) Total lease liabilities (1,452) (1,128) (953) The interest expense on lease liabilities included within Finance expense was $61m (2023: $33m; 2022: $24m). The total cash outflow for leases in 2024 was $377m (2023: $301m; 2022: $268m). 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 $1,515m as of 31 December 2024. 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, 2024
Goodwill.
Goodwill	9 Goodwill 2024 2023 2022 $m $m $m Cost At 1 January 20,361 20,131 20,311 Additions through business combinations (Note 27) 1,083 158 15 Exchange and other adjustments (109) 72 (195) At 31 December 21,335 20,361 20,131 Amortisation and impairment losses At 1 January 313 311 314 Exchange and other adjustments (3) 2 (3) At 31 December 310 313 311 Net book value At 31 December 21,025 20,048 19,820 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 2024 (and 31 December 2023 and 31 December 2022). No goodwill impairment was identified.

Intangible assets

Intangible assets	12 Months Ended
Intangible assets	Dec. 31, 2024
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 2022 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 Additions through business combinations (Note 27) 2,308 56 – 2,364 Additions – separately acquired 2,226 150 290 2,666 Disposals (294) – (285) (579) Exchange and other adjustments (964) (13) (50) (1,027) At 31 December 2024 72,483 2,900 1,530 76,913 Amortisation and impairment losses At 1 January 2022 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 Amortisation for year 3,761 78 84 3,923 Impairment charges 1,577 3 2 1,582 Impairment reversals (8) – – (8) Disposals (286) – (283) (569) Exchange and other adjustments (561) (13) (18) (592) At 31 December 2024 36,749 2,129 858 39,736 Net book value At 31 December 2022 38,393 497 417 39,307 At 31 December 2023 36,941 646 502 38,089 At 31 December 2024 35,734 771 672 37,177 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 $365m (2023: $625m; 2022: $1,135m), 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 amortised or impaired assets that are no longer in use by the Group. Amortisation charges are recognised in the Consolidated Statement of Comprehensive Income as follows: Product, Software marketing and Other development distribution rights intangibles costs Total $m $m $m $m 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 Year ended 31 December 2024 Cost of sales 32 1 – 33 Research and development expense 3 22 – 25 Selling, general and administrative expense 3,726 55 84 3,865 Total 3,761 78 84 3,923 Net impairment charges are recognised in the Consolidated Statement of Comprehensive Income as follows: Product, Software marketing and Other development distribution rights intangibles costs Total $m $m $m $m 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 Year ended 31 December 2024 Research and development expense 1,065 – – 1,065 Selling, general and administrative expense 504 3 2 509 Total 1,569 3 2 1,574 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 2024, 7.5% for 2023 and 7% for 2022) 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 ‘Impairment of Assets’. 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 2024, the Group recorded impairment charges of $504m in respect of launched products. Following a strategic review of our portfolio priorities, a business decision was made to cease promotional activity for Andexxa Andexxa Impairment charges recorded against products in development totalled $1,073m. This included full impairments of vemircopan (ALXN2050) ($753m, acquired as part of the Alexion business combination in 2021), following outcome of research activities, and FPI-2059 ($165m, acquired as part of the Fusion business combination in 2024) due to portfolio prioritisation decisions. The remaining impairments of $155m relate to impairments of various products in development, due to either management’s decision to discontinue development as part of Group-wide portfolio prioritisation decisions, or due to the outcome of research activities. 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. 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. Impairment reversals of $8m were recorded in 2024 against products in development. No impairment reversals were recorded in 2023. Impairment reversals of $94m were recorded in 2022, including $77m in respect of products in development. 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 Remaining value amortisation $m period C5 franchise ( Soliris Ultomiris 12,667 3 to 11 years Intangible assets arising from the acquisition of Acerta Pharma 3,853 8 years Strensiq Kanuma 3,221 8 to 14 years Enhertu 2,534 9 years Intangible asset products in development arising from the acquisition of Alexion 1 1,913 Not amortised Intangible assets arising from the acquisition of ZS Pharma 1,548 7 years Intangible asset products in development arising from the acquisition of Fusion 1 1,161 Not amortised Intangible asset products in development arising from the acquisition of Gracell 1 983 Not amortised Datroway 1 974 Not amortised Baxdrostat intangible asset acquired from CinCor 1 790 Not amortised Intangible asset products in development arising from the acquisition of Amolyt 1 768 Not amortised Intangible asset products in development arising from the acquisition of Icosavax 1 639 Not amortised Airsupra 500 10 years Intangible assets arising from the restructuring of a historical joint venture with MSD 375 2 to 5 years Monalizumab intangible assets acquired from Innate Pharma 1 364 Not amortised Intangible assets arising from the acquisition of Pearl Therapeutics 309 4 to 5 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. In 2024, the intangible assets recognised on acquisition of Amolyt and Icosavax were separately assessed under the optional concentration test in IFRS 3 ‘Business Combinations’ and were individually determined to be asset acquisitions, as substantially all of the value of the gross assets acquired in each transaction was concentrated in these single assets. The intangible asset baxdrostat recognised on acquisition of CinCor 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, 2024
Investments in associates and joint ventures
Investments in associates and joint ventures	11 Investments in associates and joint ventures 2024 2023 2022 $m $m $m At 1 January 147 76 69 Additions 158 80 26 Share of after tax losses (28) (12) (5) Exchange and other adjustments (9) 3 (14) At 31 December 268 147 76 On 22 May 2024, AstraZeneca entered into an agreement with Fuse Biosciences (Cayman) Limited to acquire equity. Under the terms of the agreement, AstraZeneca contributed $11m in initial funds, holds 25% board representation, and holds a 18.75% interest in the associate entity. 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 for a 22% interest in the associate entity. On 22 May 2024, a further contribution of $140m was made for a further 22% interest. AstraZeneca holds a 44% 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 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, $21m and $7m made in 2021, 2022 and 2024 respectively. On 23 September 2021, AstraZeneca entered into an agreement with VaxEquity Limited (‘VaxEquity’) 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 13 April 2024, VaxEquity entered a voluntary liquidation process. 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., Ltd. Since its establishment, AstraZeneca has contributed $80m in cash to the joint venture entity and has a 26% 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 which has a carrying value of $nil (2023: $nil; 2022: $nil). On 7 May 2024 Centus was dissolved. All investments are accounted for using the equity method. At 31 December 2024, unrecognised losses in associates and joint ventures totalled $177m (2023: $140m; 2022: $92m) 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: 2024 2023 2022 $m $m $m Non-current assets 577 424 290 Current assets 508 362 300 Total liabilities (516) (287) (72) Net assets 569 499 518 Amount attributable to AstraZeneca 131 85 91 Goodwill 152 52 – Exchange adjustments (15) 10 (15) Carrying value of investments in associates and joint ventures 268 147 76 Joint contractual arrangements were entered into between AstraZeneca and Daiichi Sankyo; in March 2019 for the co-development and co-commercialisation of Enhertu Datroway

Other investments

Other investments	12 Months Ended
Other investments	Dec. 31, 2024
Other investments
Other investments	12 Other investments 2024 2023 2022 $m $m $m Non-current investments Equity securities at fair value through Other comprehensive income 1,632 1,530 1,056 Fixed income securities at fair value through profit or loss – – 10 Total 1,632 1,530 1,066 Current investments Fixed income securities at fair value through profit or loss 37 20 13 Cash collateral pledged to counterparties 129 102 162 Fixed deposits – – 64 Total 166 122 239 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. 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). 2024 2024 2023 2023 2022 2022 FVPL FVOCI FVPL FVOCI FVPL FVOCI $m $m $m $m $m $m Level 1 37 1,279 20 1,217 13 880 Level 2 – – – – – – Level 3 – 353 – 313 10 176 Total 37 1,632 20 1,530 23 1,056 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: 2024 2024 2023 2023 2022 2022 FVPL FVOCI FVPL FVOCI FVPL FVOCI $m $m $m $m $m $m At 1 January – 313 10 176 – 104 Additions – 56 – 127 10 32 Revaluations – (9) 3 14 – 50 Net transfers out from Level 3 to Level 1 – – – – – (4) Disposals – – (13) (8) – (5) Impairments and exchange adjustments – (7) – 4 – (1) At 31 December – 353 – 313 10 176

Derivative financial instrument

Derivative financial instruments	12 Months Ended
Derivative financial instruments	Dec. 31, 2024
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 – 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 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 148 – – – 148 Cross-currency swaps designated in a cash flow hedge 34 – – (71) (37) Cross-currency swaps designated in a fair value hedge – – – (44) (44) Forward FX designated in a cash flow hedge 2 – 5 (1) – 4 Other derivatives – 49 (49) – – 31 December 2024 182 54 (50) (115) 71 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 $nil (2023: $12m; 2022: $19m), held within Non-current assets). None of the derivatives have been reclassified in the year. The equity warrant expired on 31 December 2024. Its value at that date was recorded as zero. 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: 2024 2023 2022 Derivatives 0.6 % to 4.1 % 0.1 % to 5.3 % 0.1 % to 4.7 %

Non-current other receivables

Non-current other receivables	12 Months Ended
Non-current other receivables	Dec. 31, 2024
Non-current other receivables.
Non-current other receivables	14 Non-current other receivables 2024 2023 2022 $m $m $m Prepayments 356 274 243 Accrued income 60 52 44 Retirement benefit scheme surpluses (Note 22) 99 92 90 Other receivables 415 385 458 Non-current other receivables 930 803 835 Other receivables include $nil (2023: $51m; 2022: $71m) owed by FibroGen, Inc. for promotional activity in China pursuant to the roxadustat collaboration.

Inventories

Inventories	12 Months Ended
Inventories	Dec. 31, 2024
Inventories
Inventories	15 Inventories 2024 2023 2022 $m $m $m Raw materials and consumables 1,489 1,531 1,422 Inventories in process 2,282 2,325 1,864 Finished goods and goods for resale 1,517 1,568 1,413 Inventories 5,288 5,424 4,699 The Group recognised $7,001m (2023: $6,038m; 2022: $9,618m) of inventories as an expense within Cost of sales during the year. Inventory write-downs in the year amounted to $664m (2023: $574m; 2022: $479m), principally arising from the reassessment of usage or demand expectations prior to inventory expiration. Inventory write-downs in the year included $407m in relation to Andexxa

Current trade and other receiva

Current trade and other receivables	12 Months Ended
Current trade and other receivables	Dec. 31, 2024
Current trade and other receivables
Current trade and other receivables	16 Current trade and other receivables 2024 2023 2022 $m $m $m Trade receivables 8,335 8,452 7,271 Less: Expected credit loss provision (Note 28) (33) (45) (59) 8,302 8,407 7,212 Other receivables 1,579 1,639 1,659 Prepayments 1,737 1,617 1,329 Government grants receivable 25 11 25 Accrued income 1,329 452 296 Trade and other receivables 12,972 12,126 10,521 Trade receivables include $667m (2023: $1,977m; 2022: $2,470m) 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, 2024
Cash and cash equivalents.
Cash and cash equivalents	17 Cash and cash equivalents 2024 2023 2022 $m $m $m Cash at bank and in hand 1,215 1,325 1,411 Short-term deposits 4,273 4,515 4,755 Cash and cash equivalents 5,488 5,840 6,166 Unsecured bank overdrafts (59) (203) (183) Cash and cash equivalents in the Consolidated Statement of Cash Flows 5,429 5,637 5,983 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 ‘Financial Instruments’. 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: 2024 2023 2022 $m $m $m Share-based payments charge for the period 660 579 619 Settlement of share plan awards (618) (650) (592) Pension contributions (166) (188) (205) Pension charges recorded in operating profit 86 55 101 Long-term provision charges recorded in operating profit 106 460 87 Loss/(gain) on disposal of tangible assets 4 (41) (112) Update to the contractual relationships for Beyfortus – (729) – Foreign exchange and other 1 (193) 128 (590) Total operating activities non-cash and other movements (121) (386) (692) 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, 2024
Assets held for sale
Assets held for sale	18 Assets held for sale Assets held for sale amount to $nil (2023: $nil; 2022: $150m). 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.

Interest-bearing loans and borr

Interest-bearing loans and borrowings	12 Months Ended
Interest-bearing loans and borrowings	Dec. 31, 2024
Interest-bearing loans and borrowings
Interest-bearing loans and borrowings	19 Interest-bearing loans and borrowings Repayment 2024 2023 2022 dates $m $m $m Current liabilities Bank overdrafts On demand 59 203 183 Other short-term borrowings excluding overdrafts 90 97 78 Collateral received from derivative counterparties 181 215 89 Lease liabilities 339 271 228 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 – 3.375% Callable bond US dollars 2025 1,997 – – Other loans Within one year 10 19 22 Total 2,676 5,400 5,542 Non-current liabilities Lease liabilities 1,113 857 725 0.75% Callable bond euros 2024 – – 957 0.7% Callable bond US dollars 2024 – – 1,598 2024 Floating bank loans US dollars 2024 – – 1,998 3.375% Callable bond US dollars 2025 – 1,994 1,992 0.7% Callable bond US dollars 2026 1,198 1,196 1,195 1.2% Callable bond US dollars 2026 1,249 1,248 1,246 4.8% Callable bond US dollars 2027 1,247 – – 3.625% Callable bond euros 2027 780 829 – 3.125% Callable bond US dollars 2027 748 747 746 4.875% Callable bond US dollars 2028 1,096 1,095 – 1.25% Callable bond euros 2028 829 879 845 1.75% Callable bond US dollars 2028 1,247 1,246 1,245 4% Callable bond US dollars 2029 996 995 995 4.85% Callable bond US dollars 2029 1,246 – – 0.375% Callable bond euros 2029 829 881 846 4.9% Callable bond US dollars 2030 646 645 – 3.121% Callable bond euros 2030 682 – – 1.375% Callable bond US dollars 2030 1,295 1,294 1,293 4.9% Callable bond US dollars 2031 994 – – 2.25% Callable bond US dollars 2031 747 747 747 5.75% Non-callable bond pound sterling 2031 438 444 420 3.75% Callable bond euros 2032 778 827 – 4.875% Callable bond US dollars 2033 497 497 – 3.278% Callable bond euros 2033 786 – – 5% Callable bond US dollars 2034 1,489 – – 6.45% Callable bond US dollars 2037 2,727 2,725 2,724 4% Callable bond US dollars 2042 989 989 988 4.375% Callable bond US dollars 2045 982 981 981 4.375% Callable bond US dollars 2048 738 738 737 2.125% Callable bond US dollars 2050 487 487 487 3% Callable bond US dollars 2051 735 735 735 Other loans US dollars 31 146 190 Total 27,619 23,222 23,690 Total interest-bearing loans and borrowings 1 30,295 28,622 29,232 1 All loans and borrowings above are unsecured. In previous years, there were current (2023: $ nil ; 2022: $22 m) and non-current (2023: $ nil ; 2022: $181 m) secured loans, both included within Other loans. Total Total Total loans and loans and loans and borrowings borrowings borrowings 2024 2023 2022 $m $m $m At 1 January 28,622 29,232 30,781 Changes from financing cash flows Issue of loans and borrowings 6,492 3,816 – Repayment of loans and borrowings (4,652) (4,942) (1,271) Movement in short-term borrowings (31) 161 74 Repayment of obligations under leases (316) (268) (244) Total changes in cash flows arising on financing activities from borrowings 1,493 (1,233) (1,441) Movement in overdrafts (144) 20 (85) New lease liabilities 710 444 253 Additions through business combinations 12 – 5 Exchange (361) 187 (287) Other movements (37) (28) 6 At 31 December 30,295 28,622 29,232 Also included within Cash flows from financing activities within the Consolidated Statement of Cash Flows is a $833m cash outflow (2023: $867m; 2022: $920m) related to the Acerta Pharma share purchase liability which has a closing liability at 31 December 2024 of $nil (2023: $833m; 2022: $1,646m) 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 Instruments Total designated designated in designated in Amortised carrying Fair at fair value 1 cash flow hedge 2 fair value hedge 3 cost value value $m $m $m $m $m $m 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 2024 Overdrafts – – – 59 59 59 Lease liabilities due within one year – – – 339 339 339 Lease liabilities due after more than one year – – – 1,113 1,113 1,113 Loans and borrowings due within one year – – – 2,278 2,278 2,263 Loans and borrowings due after more than one year – 2,387 1,468 22,651 26,506 25,405 Total at 31 December 2024³ – 2,387 1,468 26,440 30,295 29,179 1 Instruments designated at FVPL include the US dollar 7% guaranteed debentures which matured on 15 November 2023. 2 3 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. The cumulative adjustment to the carrying value of bonds designated in a fair value hedge relationship in the year was an increase in the liability of $16m. A loss of $2m was made during the year on the fair value of bonds designated in a fair value hedge, due to increased credit risk. Under IFRS 9 ‘Financial Instruments’, 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: 2024 2023 2022 Loans and borrowings 2.0 % to 2.9 % n/a to n/a 1 4.3 % to 4.9 % 1 All bonds designated as FVPL in 2023 matured prior to the reporting date.

Trade and other payables

Trade and other payables	12 Months Ended
Trade and other payables	Dec. 31, 2024
Trade and other payables
Trade and other payables	20 Trade and other payables 2024 2023 2022 $m $m $m Current liabilities Trade payables 3,640 3,267 2,550 Value-added and payroll taxes and social security 401 492 468 Rebates, chargebacks, returns and other revenue accruals 7,805 7,817 6,078 Clinical trial accruals 1,419 1,424 1,417 Other accruals 6,463 6,112 5,551 Collaboration Revenue contract liabilities 7 7 12 Vaccine contract liabilities 119 142 169 Deferred government grant income – – 1 Contingent consideration 1,170 966 757 Acerta Pharma share purchase liability – 833 867 Other payables 1,441 1,314 1,170 Total 22,465 22,374 19,040 Non-current liabilities Accruals 65 36 37 Collaboration Revenue contract liabilities – 7 14 Contingent consideration 581 1,171 1,465 Acerta Pharma share purchase liability – – 779 Other payables 1,124 1,446 1,975 Total 1,770 2,660 4,270 Included within Rebates, chargebacks, returns and other revenue accruals are contract liabilities of $114m (2023: $102m; 2022: $87m). The revenue recognised in the year from opening contract liabilities is $96m, comprising $89m relating to other revenue accruals and $7m Collaboration Revenue contract liabilities. The major markets with Rebates, chargebacks, returns and other revenue accruals are the US where the liability at 31 December 2024 amounted to $4,978m (2023: $5,116m; 2022: $3,961m), of which Rare Disease comprises $240m (2023: $190m; 2022: $139m), and China where the liability at 31 December 2024 amounted to $532m (2023: $567m; 2022: $579m). Trade payables includes $105m (2023: $123m; 2022: $67m) 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 2024, 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 2024, the programme had 458 suppliers enrolled across these countries. Vaccine contract liabilities relate to amounts received from customers, primarily government bodies, in advance of supply of product. Included within current Other payables are liabilities to Daiichi Sankyo totalling $377m (2023: $199m; 2022: $100m) 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 put and call options regarding the non-controlling interest; the option was exercised in April 2021. The payments were made in similar annual instalments in 2022 through to 2024, with the first payment of $920m made in 2022, the second payment of $867m made in 2023 and the final payment of $833m made in 2024, with a closing liability as at 31 December 2024 of $nil (2023: $833m; 2022: $1,646m). Interest arising from amortising the liability is included within Finance expense (see Note 3). The associated cash flows were disclosed as financing activities within the Consolidated Statement of Cash Flows. With the exception of Contingent consideration payables of $1,751m (2023: $2,137m; 2022: $2,222m) 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 2024 2023 2022 $m $m $m At 1 January 2,137 2,222 2,865 Additions through business combinations 198 60 – Settlements (1,008) (826) (772) Disposals – – (121) Revaluations 311 549 82 Discount unwind (Note 3) 113 132 168 At 31 December 1,751 2,137 2,222 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 $260m in 2024 (2023: $520m; 2022: $182m) 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 $1,309m (2023: $1,945m; 2022: $2,124m) would increase/decrease by $131m 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 171 Amplimmune, Inc. 2013 Milestones 150 Almirall 2014 Milestones and royalties 345 Neogene 2023 Milestones 110 Fusion 2024 Milestones 304 Gracell 2024 Milestones 149 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, 2024
Provisions.
Provisions	21 Provisions Employee Other Severance Environmental benefits Legal provisions Total $m $m $m $m $m $m At 1 January 2022 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 Additions arising on business acquisitions – – – – 50 50 Charge for year 283 26 30 44 478 861 Cash paid (101) (33) (7) (189) (146) (476) Reversals (83) – (1) (9) (255) (348) Exchange and other movements – – (24) (3) (25) (52) At 31 December 2024 275 105 166 859 785 2,190 2024 2023 2022 $m $m $m Due within one year 1,269 1,028 722 Due after more than one year 921 1,127 896 Total 2,190 2,155 1,618 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. 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 $105m (2023: $112m; 2022: $131m) 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 ($626m (2023: $616m; 2022: $30m) due within one year and $210m (2023: $372m; 2022: $92m) 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 $145m (2023: $163m; 2022: $165m), 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 2024 included $184m (2023: $87m; 2022: $12m) in relation to the PAAGR restructuring programme, which has a closing provision of $80m (2023: $49m; 2022: $143m), including $58m (2023: $8m; 2022: $95m) held in non-current provisions expected to be settled over time by 2028. 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 were 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 $ 167 m (2023: $180 m; 2022: $22 m); in two to three years $ 9 m (2023: $159 m; 2022: $21 m); in three to four years $ 12 m (2023: $10 m; 2022: $9 m); in four to five years $ 9 m (2023: $9 m; 2022: $9 m); and in more than five years $ 13 m (2023: $14 m; 2022: $31 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, 2024
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 these liabilities. However, it also incorporates other benefits which fall under IAS 19 ‘Employee Benefits’ 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 post-retirement pension 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 351 employees. The Group’s DB plans are largely funded through ringfenced, 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 may take into account various factors, including: the strength of the Group’s covenant, local regulation, cash flows, and the solvency and maturity of the pension plan. Funding Framework Eighty six The Group has developed a long-term funding framework for such plans which targets either full funding on a low-risk funding measure, or buyout with an external third-party as the pension plans mature, with pragmatic 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 2024. The funding framework is 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. The Trustee Directors are comprised of representatives appointed by both the employer and Fund members 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 required to ensure the funding objective is met. 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 completed the equalisation of benefits for pensioner members, and a process is in place to equalise non-pensioner members’ benefits at the point of retirement. 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 pension plans were invalid if they were not accompanied by the correct actuarial confirmation. Whilst the Court of Appeal upheld this ruling in July 2024, there remains material uncertainty in relation to the legal position itself and in particular, the application of the ruling. The Group has discussed the ruling with the Trustee and its potential implications for the UK Pension Fund. The Trustee has considered this matter with their legal adviser. Whilst the Trustee has not conducted any detailed investigations at this point, we note their position that they have no reason to believe that any such confirmations were not provided, in which case the ruling will have no impact on the UK Pension Fund. The Trustee is monitoring developments as further government guidance and/or case law emerges and the Group will maintain a dialogue on this matter. Funding requirements and security 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. The funding assumptions used in this actuarial valuation were set out in the Group's prior year report. The next actuarial valuation is due to take place as at 31 March 2025, with a likely timescale for completion in early to mid-2026. The Group is aware that this actuarial valuation will fall under the Pensions Regulator's new defined benefit funding code of practice. 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. At the last assessment date (1 December 2023), the value of the charge was £317m ($398m) and it is capped at £350m ($440m). 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 ($49m) was made in March 2024, with a further annual contribution of £39 m ( $49 m) due before 31 March 2025, and each year up to 31 March 2028. Based on 31 December 2024 IAS 19 assumptions, it is expected that ongoing contributions (excluding past service deficit contributions) during the year ending 31 December 2025 for the UK will be approximately $18 m. GMP equalisation of member benefits has been completed. The method of equalisation converts GMP to non-GMP pension to simplify the structure and administration of benefits. As at 31 December 2024, all pensioner and dependent members have had their benefits equalised and, for non-pensioner members, a process is in place to equalise their benefits at their point of retirement. 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 any 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’. Sweden The Swedish plans account for 21% 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 long-term funding framework and local regulations. The Swedish defined benefit pension plans were actuarially valued at 31 December 2023, when plan obligations were estimated to amount to $1,602m and plan assets were $1,068m. The local Swedish GAAP funding position can influence contribution policy. Over 2024, for the largest material pension plan, 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 and so any such reimbursement is not permitted. These benefit payments over 2024, totalling approximately $50m, are therefore regarded as Group contributions. Based on 31 December 2024 IAS 19 assumptions, it is expected that contributions during the year ending 31 December 2025 for Sweden will be approximately $50m. US Following a buy out in May 2023 of the AZ Pharmaceutical LP qualified US Defined Benefit Pension Plan, all remaining US benefit plans which fall under IAS 19 are now disclosed within the ‘Rest of Group’ category, given the material reduction in aggregate obligation and to therefore ensure consistency with the Group's classification methodology. Other defined benefit plans The Group provides defined benefit plans other than pensions which are 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. The cost of post-retirement benefits other than pensions for the Group in 2024 was $1m (2023: $1m; 2022: $1m). Plan assets were $146m and plan obligations were $105m at 31 December 2024. Financial assumptions Qualified independent actuaries have updated the actuarial valuations under IAS 19 for the major defined benefit plans operated by the Group to 31 December 2024. 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: 2023 UK US Sweden Rest of Group 1 Inflation assumption 3.1 % – 1.6 % 2.2 % Rate of increase in salaries – 3 – 3.1 % 3.7 % Rate of increase in pensions in payment 2.9 % – 1.6 % 2.2 % Discount rate – defined benefit obligation 4.6 % 4.7 % 3.3 % 3.3 % Discount rate – interest cost 4.6 % 4.7 % 3.3 % 3.3 % Discount rate – service cost 4.5 % n/a 3.3 % 3.3 % 2024 UK Sweden Rest of Group 1 Inflation assumption 3.2 % 2 1.8 % 2.1 % Rate of increase in salaries – 3 3.3 % 3.6 % Rate of increase in pensions in payment 3.0 % 1.8 % 2.1 % Discount rate – defined benefit obligation 4 5.5 % 3.5 % 3.5 % Discount rate – interest cost 5 5.4 % 3.4 % 3.5 % Discount rate – service cost 5 5.5 % 3.5 % 3.5 % 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 plans where there is credible data to support a continuing trend. The table below illustrates life expectancy assumptions at age 65 for male and female members retiring in 2024 and male and female members expected to retire in 2044 (2023: 2023 and 2043 respectively). Life expectancy assumption for a male member retiring at age 65 Life expectancy assumption for a female member retiring at age 65 Country 2024 2044 2023 2043 2024 2044 2023 2043 UK 22.1 23.1 22.1 23.1 23.7 24.8 23.7 24.8 Sweden 21.8 24.1 21.8 23.6 23.9 26.3 23.9 26.0 In the UK, the Group adopted the CMI Core 2023 Mortality Projections Model with an addition to initial rates of improvement of 0.5% p.a., core (7.0) smoothing parameter and a 1% long-term improvement rate. The Group has assumed that 15% of members (2023: 25%) will transfer out of the defined benefit section of the UK Pension Fund at an average age of 57. No other demographic assumptions have changed since they were updated in 2022 following the actuarial valuation. In Sweden, the Group adopted DUS23 (2023: DUS21) as the mortality base table. All other demographic assumptions are unchanged from 2023. Risks associated with the Group’s defined benefit pension plans The UK defined benefit plan accounts for 65% of the Group’s defined benefit obligations and exposes the Group to a number of risks which the Group monitors and works with the Trustee to mitigate (noting it is the Trustee who has the remit and ultimate decision making powers). The most significant of which are: Risk Description Mitigation 1 Asset pricing 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 44% of the UK Pension Fund is exposed to growth assets, including global investments, most of which are not sterling dominated. 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 and risk budget. The Trustee invests in a suitably diversified range of asset classes with different return drivers and investment managers. Investment strategy will evolve to further improve the expected risk/return profile as opportunities arise and funding solvency improves. The Trustee has hedged approximately 89% of unintended non-sterling, overseas currency risk within the UK Pension Fund assets. 2 Interest rate A decrease in corporate bond yields will increase the present value placed on the DBO under IAS 19. 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 2024 (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 included in the yield curve to set the DBO discount rate on an IAS 19 basis (AA corporate bonds). As such, there remains mismatching risk on an IAS 19 basis should yields on gilts diverge compared to AA corporate bonds. 3 Inflation 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 and is approximately 98% hedged as a percentage of assets at the end of 2024 (versus a target of 100%). 4 Longevity 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 circa 70 years. The swap currently covers approximately 8,000 of the UK Pension Fund’s pensioners, equivalent to $ 2.2 bn of Pension Fund liability. A one-year increase in life expectancy would result in a $ 178 m increase in Pension Fund obligations, which would be partially offset by a $ 89 m increase in the value of the longevity swap and hence the pension fund assets. 5 Cash flow and liquidity 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’. As at the end of 2024, the buffer is well above recommended regulatory guidelines and the minimum thresholds, and can be quickly supplemented in an orderly manner. At 31 December 2024, 8% of assets are invested in a 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 and when attractive pricing points present. 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 regulatory 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. Fiduciary Boards who govern the Swedish pension plans also monitor and manage these key risks, where relevant and possible to do so, in a similar way, by investing in a diversified manner (to mitigate the first risk) and employing a framework to hedge interest rate risk where practicable (to mitigate the second risk). It is not possible to hedge inflation risk (third risk) nor longevity risk (fourth risk) due to a lack of available instruments in the local market. As the Swedish plans are less mature and have a longer investment horizon, the fifth risk is not as significant compared to the UK Pension Fund. 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. Assets and obligations of defined benefit plans The assets and obligations of the defined benefit schemes operated by the Group at 31 December 2024, 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 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 2024 UK Sweden Rest of Group Total Quoted Unquoted Quoted Unquoted Quoted Unquoted Quoted Unquoted Total $m $m $m $m $m $m $m $m $m Government bonds 1 1,884 – – – 45 – 1,929 – 1,929 Corporate bonds 2 352 – – – 6 – 358 – 358 Derivatives 3 – (355) – 475 – – – 120 120 Investment funds: Listed Equities 4 – 374 – – 38 23 38 397 435 Investment funds: Absolute Return/Multi Strategy 4 – 1,051 – 420 5 7 5 1,478 1,483 Investment funds: Corporate Bonds/Credit 4 – 601 – 159 182 19 182 779 961 Cash and cash equivalents 32 336 – 2 2 2 34 340 374 Other – – – – (6) 194 (6) 194 188 Total fair value of scheme assets 5 2,268 2,007 – 1,056 272 245 2,540 3,308 5,848 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 swaps, equity total return swaps and other contracts. More detail is given in the section Risks associated with the Group’s defined benefit pension plans on page 186. Valuations are determined by independent third parties. 4 Investment Funds are pooled, commingled vehicles, whereby the pension plan owns units in the fund, alongside other investors. The pension plans 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 (actively managed 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 (2023: $ nil ). Scheme obligations 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) 2024 UK Sweden Rest of Group Total $m $m $m $m Present value of scheme obligations in respect of: Active membership (200) (543) (481) (1,224) Deferred membership (667) (393) (197) (1,257) Pensioners (3,725) (572) (301) (4,598) Total value of scheme obligations (4,592) (1,508) (979) (7,079) Net (deficit)/surplus in the scheme 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 (Note 14) – 66 – 26 1 92 Included in Retirement benefit obligations (402) (60) (534) (524) (1,520) (402) 6 (534) (498) (1,428) 2024 UK Sweden Rest of Group Total $m $m $m $m Total fair value of scheme assets 4,275 1,056 517 5,848 Total value of scheme obligations (4,592) (1,508) (979) (7,079) Deficit in the scheme as recognised in the Consolidated Statement of Financial Position (317) (452) (462) (1,231) Included in Non-current other receivables (Note 14) – – 99 2 99 Included in Retirement benefit obligations (317) (452) (561) (1,330) (317) (452) (462) (1,231) 1 Surpluses were recognised in Ireland and Belgium. 2 Surpluses were recognised in the US, Ireland and Belgium. Fair value of scheme assets 2024 2023 UK Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m At beginning of year 4,759 1,068 652 6,479 4,573 1,008 946 503 7,030 Interest income on scheme assets 214 33 15 262 229 22 38 11 300 Expenses (5) – – (5) (9) (1) – (1) (11) Actuarial (losses)/gains (370) 55 – (315) (59) 2 37 (45) (65) Exchange and other adjustments (67) (98) (20) (185) 262 (1) 48 20 329 Employer contributions 66 50 50 166 65 35 46 42 188 Participant contributions 1 – 12 13 1 4 – 7 12 Benefits paid (323) (52) (76) (451) (303) (68) (47) (45) (463) Settlements 1 – – (116) (116) – (841) – – (841) Scheme assets’ fair value at end of year 4,275 1,056 517 5,848 4,759 160 1,068 492 6,479 1 The 2024 settlement is the buyout of post-retirement pension plans in Norway and the Netherlands. The actual return on the plan assets was a loss of $53m (2023: gain of $235m). Movement in post-retirement scheme obligations 2024 2023 UK Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m Present value of obligations in scheme at beginning of year (5,161) (1,602) (1,144) (7,907) (4,801) (1,022) (1,312) (973) (8,108) Current service cost (6) (26) (40) (72) (6) (2) (13) (35) (56) Past service (cost)/credit (2) (8) 1 (9) 12 – (2) 2 12 Participant contributions (1) – (12) (13) (1) (4) – (7) (12) Benefits paid 323 52 76 451 303 68 47 45 463 Interest expense on post-retirement scheme obligations (231) (47) (34) (312) (239) (22) (50) (27) (338) Actuarial gains/(losses) 416 (23) 2 395 (155) (12) (202) 28 (341) Exchange and other adjustments 70 146 56 272 (274) 1 (70) (34) (377) Settlements 1 – – 116 116 – 839 – 11 850 Present value of obligations in scheme at end of year (4,592) (1,508) (979) (7,079) (5,161) (154) (1,602) (990) (7,907) 1 The 2024 settlement is the buyout of post-retirement pension plans in Norway and the Netherlands. The obligations arise from over 50 plans in 28 countries: 2024 2023 UK Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m Funded – pension schemes 1 (4,582) (1,505) (717) (6,804) (5,151) – (1,599) (868) (7,618) Funded – post-retirement healthcare – – (78) (78) – (94) – – (94) Unfunded – pension schemes 1 – (3) (167) (170) – (60) (3) (113) (176) Unfunded – post-retirement healthcare (10) – (17) (27) (10) – – (9) (19) Total (4,592) (1,508) (979) (7,079) (5,161) (154) (1,602) (990) (7,907) 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 years ended 31 December 2024 and 31 December 2023, are set out below. 2024 2023 UK Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m Operating profit Current service cost (6) (26) (40) (72) (6) (2) (13) (35) (56) Past service (cost)/credit (2) (8) 1 (9) 12 – (2) 2 12 Expenses (5) – – (5) (9) (1) – (1) (11) Total charge to Operating profit (13) (34) (39) (86) (3) (3) (15) (34) (55) Finance expense Interest income on scheme assets 214 33 15 262 229 22 38 11 300 Interest expense on post-retirement scheme obligations (231) (47) (34) (312) (239) (22) (50) (27) (338) Net interest on post-employment defined benefit plan liabilities (17) (14) (19) (50) (10) – (12) (16) (38) Charge before taxation (30) (48) (58) (136) (13) (3) (27) (50) (93) Other comprehensive income Difference between the actual return and the expected return on the post-retirement scheme assets (370) 55 – (315) (59) 2 37 (45) (65) Experience gains/(losses) arising on the post-retirement scheme obligations 3 (33) (10) (40) (25) (2) (67) (13) (107) Changes in financial assumptions underlying the present value of the post-retirement scheme obligations 414 11 11 436 (142) (10) (135) 44 (243) Changes in demographic assumptions (1) (1) 1 (1) 12 – – (3) 9 Remeasurement of the defined benefit liability 46 32 2 80 (214) (10) (165) (17) (406) Past service cost includes granting early retirement in UK and Sweden. Total Group pension costs in respect of defined contribution and defined benefit schemes during the year are set out below (see Note 29). 2024 2023 $m $m Defined co

Reserves

Reserves	12 Months Ended
Reserves	Dec. 31, 2024
Reserves
Reserves	23 Reserves Retained earnings The cumulative amount of goodwill written off directly to reserves resulting from acquisitions, net of disposals, amounted to $580m (2023: $595m; 2022: $591m) using year-end rates of exchange. At 31 December 2024, 442,342 shares, at a cost of $68m, have been deducted from Retained earnings (2023: 1,580,137 shares, at a cost of $129m; 2022: 1,671,446 shares, at a cost of $112m) 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). 2024 2023 2022 $m $m $m Cumulative translation differences included within Retained earnings At 1 January (3,014) (3,694) (1,934) Foreign exchange arising on consolidation (957) 608 (1,446) Exchange adjustments on goodwill (recorded against other reserves) (15) 4 (24) Foreign exchange arising on designated liabilities in net investment hedges 1 (122) 24 (282) Fair value movements on derivatives designated in net investment hedges 39 44 (8) Net exchange movement in Retained earnings (1,055) 680 (1,760) At 31 December (4,069) (3,014) (3,694) 1 Foreign exchange arising on designated liabilities in net investment hedges includes $ 59 m in respect of designated bonds and $ (181) m in respect of designated contingent consideration and other liabilities. The change in value of designated contingent consideration liabilities relates to $(180) m in respect of BMS’ share of Global Diabetes Alliance. The cumulative loss with respect to costs of hedging is $43m (2023: $22m; 2022: $3m) and the loss during the year was $21m (2023: $19m; 2022: $7m). 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 199. 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. Following an amendment to the Employee Benefit Trust (EBT) Deed on 10 June 2024, AstraZeneca obtained control and commenced consolidation of the EBT. The value of shares held by the consolidated EBTs will be reflected as an adjustment against Other reserves.

Share capital

Share capital	12 Months Ended
Share capital	Dec. 31, 2024
Share capital.
Share capital	24 Share capital Allotted, called-up and fully paid 2024 2023 2022 $m $m $m Issued Ordinary Shares ($0.25 each) 388 388 387 Redeemable Preference Shares (£1 each – £50,000) – – – At 31 December 388 388 387 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 2024 2023 2022 At 1 January 1,550,162,626 1,549,800,030 1,549,400,665 Issue of shares (share schemes) 383,613 362,596 399,365 At 31 December 1,550,546,239 1,550,162,626 1,549,800,030 Share issues Issue of shares (share schemes) represents share capital issued as part of the Group’s equity incentivisation schemes (see Note 29). Share repurchases No Ordinary Shares were repurchased by the Company in 2024 (2023: nil; 2022: nil). Shares held by subsidiaries At 31 December 2024, AstraZeneca-controlled Employee Benefit Trust arrangements held 442,342 Ordinary Shares in the Company at a weighted average cost of $68m. The market value of these Ordinary Shares at 31 December 2024 was $58m. No comparable arrangements were in place at 31 December 2023 or 31 December 2022.

Dividends to shareholders

Dividends to shareholders	12 Months Ended
Dividends to shareholders	Dec. 31, 2024
Dividends to shareholders
Dividends to shareholders	25 Dividends to shareholders 2024 2023 2022 2024 2023 2022 Per share Per share Per share $m $m $m Second interim (March 2024) $1.97 $1.97 $1.97 3,052 3,047 3,046 First interim (September 2024) $1.00 $0.93 $0.93 1,550 1,440 1,440 Total $2.97 $2.90 $2.90 4,602 4,487 4,486 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 (2023: $nil; 2022: $1m) have been adjusted for in Retained earnings in 2024. The 2023 second interim dividend of $1.97 per share was paid on 25 March 2024. The 2024 first interim dividend of $1.00 per share was paid on 9 September 2024. Reconciliation of dividends charged to equity to the Consolidated Statement of Cash Flows: 2024 2023 2022 $m $m $m Dividends charged to equity 4,602 4,487 4,486 Exchange losses on payment of dividend 3 5 5 Hedge contracts relating to payment of dividends (Consolidated Statement of Cash Flows) 16 (19) (127) Dividends paid to non-controlling interests 4 4 – Net movement of unclaimed dividends in the year 4 4 – Dividends paid (Consolidated Statement of Cash Flows) 4,629 4,481 4,364

Non-controlling interests

Non-controlling interests	12 Months Ended
Non-controlling interests	Dec. 31, 2024
Non-controlling interests.
Non-controlling interests	26 Non-controlling interests The Group Financial Statements at 31 December 2024 reflect equity of $85m (2023: $23m; 2022: $21m) and Total comprehensive income of $5m (2023: $6m; 2022: $2m) attributable to the non-controlling interests in AstraZeneca Pharma India Limited, P.T. AstraZeneca Indonesia, Beijing Falikang Pharmaceutical (China) Co. Ltd., AstraZeneca Algeria Pharmaceutical Industries SPA, VaxNewMo LLC and SixPeaks Bio AG.

Acquisitions of business operat

Acquisitions of business operations	12 Months Ended
Acquisitions of business operations	Dec. 31, 2024
Acquisitions of business operations
Acquisitions of business operations	27 Acquisitions of business operations Acquisitions of business operations in 2024 Gracell On 22 February 2024, AstraZeneca completed the acquisition of Gracell Biotechnologies Inc. (Gracell), a global clinical-stage biopharmaceutical company developing innovative cell therapies for the treatment of cancer and autoimmune-diseases. Gracell will operate as a wholly-owned subsidiary of AstraZeneca, with operations in China and the US. The acquisition enriches AstraZeneca’s growing pipeline of cell therapies with AZD0120 (formerly GC012F), a novel, clinical-stage T-cell (CAR-T: therapeutic chimeric antigen receptor) therapy. AZD0120 is a potential new treatment for multiple myeloma, as well as other haematologic malignancies and autoimmune-diseases, including Systemic Lupus Erythematosus (SLE). The transaction is recorded as a business combination using the acquisition method of accounting in accordance with IFRS 3 ‘Business Combinations’. Consequently, the assets acquired, and liabilities assumed are recorded at fair value. The purchase price allocation review has been completed. Fair value $m Intangible assets 1,038 Cash and cash equivalents 1 212 Net deferred tax liability (260) Other immaterial net balances (89) Total net assets acquired 901 Goodwill 136 Consideration 1,037 1 Cash and cash equivalents acquired includes $3 m relating to marketable securities. The total consideration fair value of $1,037m comprises cash consideration of $983m and future regulatory milestone-based consideration of $54m. Intangible assets recognised relate to products in development, principally AZD0120, and were fair valued using the multi-period excess earnings method, which uses several 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 profiles. The net deferred tax liability of $260m principally arises from the deferred tax impact of the uplift in fair value of intangible assets. Goodwill of $136m has been recognised, which principally comprises the premium attributable to the core technological capabilities and knowledge base of the company. Goodwill is not expected to be deductible for tax purposes. Gracell’s results have been consolidated into the Group’s results from 22 February 2024. Fusion On 4 June 2024, AstraZeneca completed the acquisition of Fusion Pharmaceuticals Inc., (Fusion) a clinical-stage biopharmaceutical company developing next-generation radioconjugates. The acquisition marks a major step forward in AstraZeneca delivering on its ambition to transform cancer treatment and outcomes for patients by replacing traditional regimens like chemotherapy and radiotherapy with more targeted treatments. As a result of the acquisition, Fusion became a wholly owned subsidiary of AstraZeneca, with operations in Canada and the US. Immediately prior to the acquisition, AstraZeneca held approximately 1% shareholding in Fusion considered to have a fair value of $24m. This acquisition complements AstraZeneca’s leading oncology portfolio with the addition of the Fusion pipeline of radioconjugates, including their most advanced programme, FPI-2265, a potential new treatment for patients with metastatic castration-resistant prostate cancer (mCRPC), and brings new expertise and pioneering R&D, manufacturing and supply chain capabilities in actinium-based radioconjugates to AstraZeneca. The transaction is recorded as a business combination using the acquisition method of accounting in accordance with IFRS 3 ‘Business Combinations’. Consequently, the assets acquired, and liabilities assumed are recorded at fair value. The purchase price allocation review has been completed. Fair value $m Intangible assets 1,326 Cash and cash equivalents 30 Current investments 87 Net deferred tax liability (246) Other immaterial net balances 51 Total net assets acquired 1,248 Goodwill 947 Consideration 2,195 The total consideration fair value of $2,195m includes cash consideration of $2,027m (net of $24m proceeds from disposal of the existing approximately 1% shareholding) and future regulatory milestone-based consideration of $144m. Intangible assets relating to products in development comprise the FPI-2265 ($848m), FPI-2059 ($165m) and AZD2068 ($313m) programmes. These were fair valued using the multi-period excess earnings method, which uses several 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 profiles. The net deferred tax liability of $246m principally arises from the deferred tax impact of the uplift in fair value of intangible assets. Goodwill amounting to $947m was recognised on acquisition and is underpinned by a number of elements, which individually could not be quantified. These include the premium attributable to a pre-existing, well positioned business in the innovation intensive biopharmaceuticals market with a highly skilled workforce, unidentified potential products that future research and development may yield, and the core capabilities and knowledge base of the company including radioisotope supply and manufacturing expertise. Goodwill is not expected to be deductible for tax purposes. Fusion’s results have been consolidated into the Group’s results from 4 June 2024. In December 2024, the intangible asset relating to product in development FPI-2059 was fully impaired by $165m due to decisions made to terminate the related activities and prioritise resources on the development of FPI-2265 and AZD2068 (see Note 10). 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 total consideration was $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. Following achievement of agreed milestones in 2024, contingent milestones-based consideration and non-contingent consideration of $120m is payable. 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.

Financial risk management objec

Financial risk management objectives and policies	12 Months Ended
Financial risk management objectives and policies	Dec. 31, 2024
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 ‘Financial Instruments’. 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 increased by $2,060m from a net debt position of $22,510m at the beginning of the year to a net debt position of $24,570m at 31 December 2024. Gross debt increased from $28,622m to $30,295m, principally due to the issuance of $6,492m debt offset by the repayment of $4,652m debt. 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 2024, 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 by Moody’s and A+ by Standard and Poor’s. In addition to Cash and cash equivalents of $5,488m, short-term fixed income investments of $37m, less overdrafts of $59m at 31 December 2024, the Group has committed bank facilities of $4,875m available to manage liquidity. These committed bank facilities have no financial covenants. The maturity of the $4,875m facilities was extended in January 2025 from April 2029 to April 2030. 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 Secured Overnight Financing Rate (SOFR) plus a margin. At 31 December 2024, the Group has $5,122m outstanding from debt issued under a Euro Medium Term Note programme and $23,350m under an 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, 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 liabilities 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 liabilities 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 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 liabilities payables instruments receivable payable instruments Total $m $m $m $m $m $m $m $m $m Within one year 345 3,045 396 22,501 26,287 (16,227) 16,282 55 26,342 In one to two years – 3,437 345 1,086 4,868 (207) 250 43 4,911 In two to three years – 3,670 266 105 4,041 (917) 956 39 4,080 In three to four years – 3,978 170 750 4,898 (941) 1,044 103 5,001 In four to five years – 3,780 117 – 3,897 (627) 489 (138) 3,759 In more than five years – 19,929 406 – 20,335 (2,437) 2,583 146 20,481 345 37,839 1,700 24,442 64,326 (21,356) 21,604 248 64,574 Effect of interest (15) (9,173) – – (9,188) 808 (1,068) (260) (9,448) Effect of discounting, fair values and issue costs – (153) (248) (207) (608) 36 (95) (59) (667) 31 December 2024 330 28,513 1,452 24,235 54,530 (20,512) 20,441 (71) 54,459 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. 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 $1,751m 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. The interest rate profile of the Group’s interest-bearing financial instruments is 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. 2024 2023 2022 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 2,346 330 2,676 2,885 2,515 5,400 2,476 3,066 5,542 Non-current 26,151 1,468 27,619 23,222 – 23,222 21,511 2,179 23,690 Total 28,497 1,798 30,295 26,107 2,515 28,622 23,987 5,245 29,232 Financial assets Fixed deposits – – – – – – 64 – 64 Cash collateral pledged to counterparties – 129 129 – 102 102 – 162 162 Cash and cash equivalents – 5,488 5,488 – 5,840 5,840 250 5,916 6,166 Total – 5,617 5,617 – 5,942 5,942 314 6,078 6,392 In addition to the financial assets above, there are $11,115m (2023: $11,288m; 2022: $9,546m) of other current and non-current asset investments and other financial assets. The Group is also exposed to market risk on other investments. 2024 2023 2022 $m $m $m Equity securities at fair value through Other comprehensive income (Note 12) 1,632 1,530 1,056 Non-current fixed income securities at fair value through profit or loss (Note 12) – – 10 Total 1,632 1,530 1,066 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 2024 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 2024, before the impact of derivatives or other forms of hedging, the Group held $548m of interest-bearing loans and borrowings denominated in pound sterling and $4,876m denominated in euros. $438m of the pound sterling loan and $829m of the euro loans balances are designated in a net investment hedge where they hedge an underlying net investment of that amount in the same currency. $2,387m of the euro loans are designated in cashflow hedges, where they are hedged with cross-currency swaps. Exchange differences on the retranslation of debt designated in a net investment hedge or a cashflow hedge are recognised in Other comprehensive income to the extent the hedge is effective. $1,468m of the euro loans are designated in fair value hedges, hedged with cross-currency swaps. Exchange difference on the retranslation of debt designated in a fair value hedge is recognised within Finance income and expense. For further details of all designated hedging relationships please refer to the Hedge accounting section within this Note 28, from page 199. The accounting treatment for any hedge ineffectiveness is disclosed in the Bank and other borrowings accounting policy and the Foreign currencies accounting policy on page 158 within Group Accounting Policies. As at 31 December 2024, 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. Where practicable, these are hedged using forward foreign exchange contracts. In addition, external dividend payments in pound sterling to UK shareholders and in Swedish krona to Swedish shareholders are fully hedged from announcement date to payment date. Foreign exchange gains and losses on forward contracts transacted for transactional hedging are taken to profit and loss or to Other comprehensive income if the contract is in a designated cash flow hedge. 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 2024, with all other variables held constant. Based on the composition of our long-term debt portfolio and cash reserves as at 31 December 2024, a 1% increase in interest rates would result in an additional $18m in interest expense on the debt and an additional $56m interest income on the cash reserves. The exchange rate sensitivity analysis assumes an instantaneous 10% change in foreign currency exchange rates from their levels at 31 December 2024, with all other variables held constant. The +10% case assumes a 10% strengthening of the US dollar against all other currencies and the -10% case assumes a 10% weakening of the US dollar. Each incremental 10% movement in foreign currency exchange rates would have approximately the same effect as the initial 10% detailed in the table below and each incremental 1% change in interest rates would have approximately the same effect as the 1% detailed in the table below. Interest rates Exchange rates 31 December 2022 +1% −1% +10% −10% Increase/(decrease) in fair value of financial instruments ($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) ($m) – – 62 (83) Interest rates Exchange rates 31 December 2024 +1% −1% +10% −10% Increase/(decrease) in fair value of financial instruments ($m) 1,407 (1,561) 11 (20) Impact on profit: (loss)/gain ($m) – – (117) 133 Impact on equity: gain/(loss) ($m) – – 128 (152) 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 were 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 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 were as follows: Current assets 2024 2023 2022 $m $m $m Cash at bank and in hand 1,215 1,325 1,411 Money market liquidity funds 4,177 4,425 4,486 Other short-term cash equivalents 96 90 269 Total Cash and cash equivalents (Note 17) 5,488 5,840 6,166 Fixed income securities at fair value through profit or loss (Note 12) 37 20 13 Cash collateral pledged to counterparties (Note 12) 129 102 162 Fixed deposits (Note 12) – – 64 Total derivative financial instruments (Note 13) 54 116 87 Current assets subject to credit risk 5,708 6,078 6,492 Non-current assets 2024 2023 2022 $m $m $m Derivative financial instruments (Note 13) 182 228 74 Non-current assets subject to credit risk 182 228 74 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 2024 was $181m (2023: $215m; 2022: $89m) and the carrying value of such cash collateral posted by the Group at 31 December 2024 was $129m (2023: $102m; 2022: $162m). The impairment provision for other financial assets at 31 December 2024 was immaterial (2023: immaterial; 2022: immaterial). Offsetting of financial assets and liabilities Financial assets and liabilities are offset and the net amount reported in the Consolidated Statement of Financial Position where there is both a legally enforceable right and an intention to settle the balances on a net basis. There are also arrangements that would not normally meet the requirement for offsetting but may be offset in certain circumstances such as the termination of a contract or bankruptcy. The tables below show the impact on the Consolidated Statement of Financial Position if all offset rights were exercised by the Group or its financial counterparties. Related amounts not offset Gross financial Subject to master Financial Net assets/(liabilities) netting agreement instrument collateral Amount 31 December 2022 $m $m $m $m Financial assets Derivatives 161 (29) (61) 71 Other investments 1 162 – (161) 1 Total assets 323 (29) (222) 72 Financial liabilities Derivatives (257) 29 161 (67) Other payables 1 (89) – 61 (28) Total liabilities (346) 29 222 (95) Related amounts not offset Gross financial Subject to master Financial Net assets/(liabilities) netting agreement instrument collateral Amount 31 December 2023 $m $m $m $m Financial assets Derivatives 344 (107) (203) 34 Other investments 1 102 – (65) 37 Total assets 446 (107) (268) 71 Financial liabilities Derivatives (194) 107 65 (22) Other payables 1 (215) – 203 (12) Total liabilities (409) 107 268 (34) Related amounts not offset Gross financial Subject to master Financial Net assets/(liabilities) netting agreement instrument collateral Amount 31 December 2024 $m $m $m $m Financial assets Derivatives 236 (45) (169) 22 Other investments 1 129 – (112) 17 Total assets 365 (45) (281) 39 Financial liabilities Derivatives (165) 45 112 (8) Other payables 1 (181) – 169 (12) Total liabilities (346) 45 281 (20) 1 Balances are collateral pledged/received. Trade receivables Trade receivable exposures are managed locally in the operating units where they arise and credit limits are set as deemed appropriate for the customer. The Group is exposed to customers ranging from government-backed agencies and large private wholesalers to privately-owned pharmacies, and the underlying local economic and sovereign risks vary throughout the world. Where appropriate, the Group endeavours to minimise risks by the use of trade finance instruments such as letters of credit and insurance. The Group applies the expected credit loss approach to establish an allowance for impairment that represents its estimate of expected losses in respect of Trade receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance to Trade receivables. To measure expected credit losses, Trade receivables have been grouped based on shared credit characteristics and the days past due. The expected loss rates are based on payment profiles over a period of 36 months before 31 December 2024, 31 December 2023, or 31 December 2022 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customer to settle the receivables. On that basis, the loss allowance was determined as follows: 0-90 days 90-180 days Over 180 days 31 December 2022 Current past due past due past due Total Expected loss rate 0.03 % 0.3 % 32.0 % 40.6 % Gross carrying amount ($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 ($m) 1 1 1 42 45 0-90 days 90-180 days Over 180 days 31 December 2024 Current past due past due past due Total Expected loss rate 0.01 % 0.6 % 3.5 % 7.0 % Gross carrying amount ($m) 7,679 171 86 399 8,335 Loss allowance ($m) 1 1 3 28 33 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 74% (2023: 80%; 2022: 73%) of US sales. The movements of the Group expected credit losses provision are as follows: 2024 2023 2022 $m $m $m At 1 January 45 59 23 Net movement recognised in the Consolidated Statement of Comprehensive Income (3) (14) 37 Amounts utilised, exchange and other movements (9) – (1) At 31 December 33 45 59 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. 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 and loss is not expected to be material. The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting policy in the Group accounting policies section on page 158. The following table represents the Group’s continuing designated hedge relationships under IFRS 9. 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 − short-term FX risk 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 5 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 1, 3, 4 Cross-currency interest rate swaps – Euro bonds EUR 3,200m 49 34 (210) 139 (37) 2027 1.10 USD 3.80% FX Forwards − short-term FX risk USD 2,009m 15 12 (33) 6 (15) 2024 – – Net investment hedge – foreign exchange risk 2, 3 Transactions matured pre-2023 – (527) – – (527) – – – Cross-currency interest rate swap – JPY investment JPY 58.3bn 100 (55) (45) – (100) 2029 108.03 JPY 1.53% Cross-currency interest rate swap – CNY investment CNY 458m (1) 4 (3) – 1 2026 6.68 CNY 4.80% Foreign currency borrowing – GBP investment GBP 350m 444 (288) 24 – (264) 2031 n/a GBP 5.75% Foreign currency borrowing – EUR investment 5 EUR 800m 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 1,937m (1,937) 2,216 (81) – 2,135 – – – 2024 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 2024 to OCI statement 2024 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 2,300 m (36) (37) 151 (180) (66) 2029 1.08 USD 4.24% FX Forwards − USD 2,252 m 4 (15) 8 3 (4) 2025 – – Net investment hedge – foreign exchange risk 2, 3 Transactions matured pre-2024 – (527) – – (527) – – – Cross-currency interest rate swap – JPY investment JPY 58.3 bn 146 (100) (45) – (145) 2029 108.03 JPY 1.53% Cross-currency interest rate swap – CNY investment CNY 458 m 2 1 (4) – (3) 2026 6.68 CNY 4.80% Foreign currency borrowing – GBP investment GBP 350 m 438 (264) (7) – (271) 2031 n/a GBP 5.75% Foreign currency borrowing – EUR investment 5 EUR 800 m 829 (69) (52) – (121) 2029 n/a EUR 0.38% Contingent consideration liabilities and Acerta Pharma share purchase liability – AZUK and AZAB USD investments USD 1,367 m (1,367) 2,135 181 – 2,316 – – – 1 Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $ nil (2023: $ nil ; 2022: $ nil ). 2 Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $ nil (2023: $ nil ; 2022: $ nil ). 3 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. 4 Nominal amount of FX forwards in a cash flow hedge of $2,252 m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792 m at FX rate 10.9999 , JPY 31,013 m at 156.195 , GBP 168 m at 0.7962 and EUR 375 m at 0.9605 . All FX forwards in a cash flow hedge mature on 27 January 2025. 5 The EUR 800 m 0.375% 2029 Non-callable bond is designated in a net investment hedge of the foreign currency exposure in relation to an equivalent amount of EUR-denominated net assets. Key controls app

Employee costs and share plans

Employee costs and share plans for employees	12 Months Ended
Employee costs and share plans for employees	Dec. 31, 2024
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. 2024 2023 2022 Employees UK 11,100 10,700 9,800 Rest of Europe 25,500 23,000 20,600 The Americas 24,700 22,400 20,900 Asia, Africa & Australasia 31,600 30,300 30,700 Continuing operations 92,900 86,400 82,000 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 2024 was 94,300 (2023: 89,900; 2022: 83,500). The costs incurred during the year in respect of these employees were: 2024 2023 2022 $m $m $m Wages and salaries 10,340 9,341 8,656 Social security costs 1,224 1,100 991 Pension costs 614 537 546 Other employment costs 1,531 1,357 1,338 Total 13,709 12,335 11,531 Severance costs of $283m are not included above (2023: $123m; 2022: $227m). The charge for share-based payments in respect of share plans is $660m (2023: $579m; 2022: $619m). Payments totalling $354m made to the EBT upon the vesting of share awards are recognised within operating cash flows, reflecting the substance of the arrangement in place between the Group and the Trust prior to 10 June 2024. Following an amendment to the EBT on that date, AstraZeneca obtained control and commenced consolidation of the EBT from June 2024 onward. Consequently, $81m in cash used by the EBT for purchasing shares since 10 June 2024 is now presented within financing cash flows. 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 Plans AstraZeneca Share Incentive Plan (SIP) 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. AstraZeneca Sharesave Plan The Company provides UK employees with the opportunity to participate in the HMRC-approved Sharesave Plan. Employees can choose between a 3-year 5-year 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 2024, 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 stock 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 four times in 2024 to make awards to 537 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 2022 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 Granted 1,064 2,250 1,262 7,014 100 699 – – Forfeited (137) (400) (235) (1,414) (8) (57) (31) – Cancelled (2) (2) – (6) (1) – – – Exercised (999) (1,586) (755) (3,296) (88) (352) (22) – Outstanding at 31 December 2024 3,571 6,150 3,169 16,166 338 1,057 162 247 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 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 WAFV of 2024 grants 9028 57.99 10085 64.91 11111 75.23 – – 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. During 2024, 2,047,000 shares vested, 156,000 were forfeited and the closing balance of these awards as of 31 December 2024 was 819,000. 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 Monte Carlo valuation model. 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, 2024
Commitments, contingent liabilities and contingent assets
Commitments, contingent liabilities and contingent assets	30 Commitments, contingent liabilities and contingent assets 2024 2023 2022 Commitments $m $m $m Contracts placed for future capital expenditure on Property, plant and equipment and 1,575 1,368 502 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 11,213 1,993 2,823 3,291 3,106 Future potential revenue milestone payments 22,064 41 1,166 3,026 17,831 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 2024 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 Overview section from page 64, 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 2022, 2023 or 2024. 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 to own and manage certain assets and liabilities of Stauffer Chemical Company, 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 2024 in the aggregate of $105m (2023: $112m; 2022: $131m), 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 provisions accounting policy on page 159, 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 $113m and $190m (2023: $114m and $191m; 2022: $113m and $188m) 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. Unless specifically identified below that a provision has been taken, AstraZeneca considers each of the claims to represent a contingent liability and discloses information with respect to the nature and facts of the cases in accordance with IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’. 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 and loss 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 2024, 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 Enhertu patent proceedings Considered to be a contingent liability US ● 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 infringes a Seagen patent. AstraZeneca co-commercialises Enhertu with Daiichi Sankyo, Inc. in the US. After trial in April 2022, the jury found that the patent was infringed and awarded Seagen $41.82 m in past damages. In July 2022, the District Court entered final judgment and declined to enhance damages on the basis of wilfulness. In October 2023, the District Court entered an amended final judgment that requires Daiichi Sankyo to pay Seagen a royalty of 8% on US sales of Enhertu from 1 April 2022 through to 4 November 2024, in addition to the past damages previously awarded by the District Court. AstraZeneca and Daiichi Sankyo have appealed the District Court’s decision. ● 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, among other things, 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 and instituted 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. In February 2024, the USPTO issued a decision that the claims were unpatentable. Seagen has appealed this decision; the USPTO has intervened in the appeal. Faslodex Matter concluded Japan ● 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 formulation patent. ● AstraZeneca defended the challenged patent and Sun withdrew from the JPO patent challenge. ● In July 2023, the JPO issued a final decision upholding various claims of the challenged patent and determining that other patent claims were invalid. ● In August 2023, Sandoz appealed the JPO decision to the Japan IP High Court (High Court). ● In October 2024, the High Court affirmed the decision by the JPO. ● This matter is now concluded. Forxiga Considered to be a contingent liability UK ● In the UK, one of AstraZeneca’s patents relating to Forxiga is being challenged by Generics (UK) Limited, Teva Pharmaceutical Industries Limited, and Glenmark Pharmaceuticals Europe Limited. ● Trial is scheduled for March 2025. Soliris Considered to be a contingent liability Turkey ● In November 2024, Salute HC İlaçları Sanayi ve Ticaret A.Ş (Salute) served an action in the Industrial and Intellectual Property Rights Court in Istanbul, Turkey seeking to invalidate and enjoin enforcement of Alexion’s patent relating to eculizumab. Tagrisso Considered to be a contingent liability US ● In September 2021, Puma Biotechnology, Inc. (Puma) and Wyeth LLC (Wyeth) filed a patent infringement lawsuit in the US District Court for the District of Delaware (District Court) against AstraZeneca relating to Tagrisso . ● In March 2024, the District Court dismissed Puma. ● The jury trial, with Wyeth as the plaintiff, took place in May 2024. The jury found Wyeth’s patents infringed and awarded Wyeth $107.5 m in past damages. The jury also found that the infringement was not wilful. ● In proceedings following the jury award, the District Court rejected AstraZeneca’s indefiniteness and equitable defences but granted judgment as a matter of law in favour of AstraZeneca on the grounds that the patents were invalid for lack of written description and enablement. ● Wyeth has filed an appeal. Legal proceedings brought by AstraZeneca Brilinta patent proceedings Considered to be a contingent asset US ● 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). In its complaints, AstraZeneca alleged that a generic version of Brilinta , if approved and marketed, would infringe patents that are owned or licensed by AstraZeneca. ● In 2024, AstraZeneca entered into separate settlements and the District Court entered consent judgments to dismiss each of the corresponding litigations. Additional proceedings are ongoing in the District Court. ● No trial date has been set. Calquence Considered to be a contingent asset US ● 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 (District Court). In its complaints, AstraZeneca alleged that a generic version of Calquence capsules, if approved and marketed, would infringe patents that are owned or licensed by AstraZeneca. ● In 2024, AstraZeneca entered into settlement agreements with all five generic manufacturers, resolving the Calquence capsule ANDA litigation proceedings. ● AstraZeneca received Paragraph IV notices relating to patents listed in the FDA Orange Book with reference to Calquence tablets from Cipla USA, Inc. and Cipla Limited (collectively, Cipla) in April 2024 and from MSN Pharmaceuticals Inc. and MSN Laboratories Pvt. Ltd. (collectively, MSN) in November 2024. ● In response to these Paragraph IV notices, AstraZeneca filed patent infringement lawsuits against Cipla in May 2024 and against MSN in January 2025 in the District Court. In the complaints, AstraZeneca alleges that a generic version of Calquence tablets, if approved and marketed, would infringe patents that are owned or licensed by AstraZeneca. No trial date has been scheduled. Daliresp Considered to be a contingent asset US ● 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. ● In 2022, AstraZeneca entered into a settlement agreement and the District Court entered a consent judgment to dismiss the corresponding litigation. Additional ANDA challenges are pending. Farxiga Considered to be a contingent asset US ● 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 Considered to be a contingent asset US ● 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 (District Court). AstraZeneca alleged that a generic version of Lokelma would infringe patents that are owned or licensed by AstraZeneca. ● AstraZeneca has entered into separate settlement agreements with four generic manufacturers which resulted in dismissal of the corresponding litigations. ● Additional proceedings with the remaining generic manufacturer are ongoing in the District Court. Trial is scheduled for March 2025. Lynparza Considered to be a contingent asset US ● AstraZeneca received a Paragraph IV notice relating to Lynparza patents from Natco Pharma Limited (Natco) in December 2022, Sandoz Inc. (Sandoz) in December 2023, Cipla USA, Inc. and Cipla Limited (collectively, Cipla) in May 2024, and Zydus Pharmaceuticals (USA) Inc. (Zydus) in November 2024. In response to these Paragraph IV notices, AstraZeneca, MSD International Business GmbH, and the University of Sheffield initiated ANDA litigations against Natco, Sandoz, Cipla, and Zydus in the US District Court for the District of New Jersey. In the complaints, AstraZeneca alleged that the defendants’ generic versions of Lynparza , if approved and marketed, would infringe AstraZeneca’s patents. ● No trial date has been scheduled. Soliris Considered to be a contingent asset Canada ● In May 2023, Alexion initiated patent litigation in Canada alleging that Amgen Pharmaceuticals, Inc.’s (Amgen) biosimilar eculizumab product will infringe Alexion patents. ● In September 2023, Alexion initiated patent litigations in Canada alleging that Samsung Bioepis Co. Ltd.’s (Samsung) biosimilar eculizumab product will infringe Alexion patents. The filing of the litigation triggered an automatic 24-month stay of the approval of each defendant’s biosimilar eculizumab product. ● Trial against Amgen is scheduled to begin in January 2025 while trial against Samsung is scheduled to begin in June 2025. ● In July and August 2023, in Canada, both Amgen and Samsung brought actions challenging the validity of Alexion’s patent relating to the use of eculizumab in treating aHUS. Trial is scheduled for November 2025. Soliris Matter concluded US ● In January 2024, Alexion initiated patent infringement litigation against Samsung Bioepis Co. Ltd. (Samsung) in the US District Court for the District of Delaware (District Court) alleging that Samsung’s biosimilar eculizumab product, for which Samsung is currently seeking FDA approval, will infringe six Soliris -related patents. ● Five of the six asserted patents were also the subject of inter partes review proceedings before the US Patent and Trademark Office. ● Alexion filed a motion for a preliminary injunction seeking to enjoin Samsung from launching its biosimilar eculizumab product upon FDA approval. The District Court denied Alexion’s motion and Alexion appealed that decision. ● In August 2024, the parties reached resolution of the matter. All legal proceedings in the US courts have terminated as have the inter partes review proceedings. Soliris Considered to be a contingent asset Europe ● In March 2024, Alexion filed motions for provisional measures against Amgen Pharmaceuticals Inc (Amgen) and Samsung Bioepis Co. Ltd. (Samsung) and their respective affiliates at the Hamburg Local Division of the Unified Patent Court (UPC) on the basis that Amgen’s and Samsung’s biosimilar eculizumab products infringe an Alexion patent. Alexion appealed and in December 2024 the UPC appellate division denied Alexion’s appeal requesting provisional measures. ● In parallel, Samsung and Amgen have filed oppositions to the patent at the European Patent Office. ● In November 2024, Amgen filed a revocation action for the patent at the UPC Central Division in Milan. Soliris Considered to be a contingent asset UK ● In May 2024, Alexion initiated patent infringement proceedings against Amgen Ltd and Samsung Bioepis UK Ltd (Samsung UK) in the UK High Court of Justice alleging that their respective biosimilar eculizumab products infringe an Alexion patent; on the same day, Samsung UK initiated a revocation action for the same patent. ● Trial has been scheduled for March 2025. Tagrisso Considered to be a contingent asset Russia ● 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 (Axelpharm) related to Axelpharm’s improper use of AstraZeneca’s information to obtain authorisation to market a generic version of Tagrisso . In December 2023, the Court dismissed the lawsuit against the Ministry of Health of the Russian Federation. The appellate court affirmed the dismissal in March 2024. AstraZeneca filed a further appeal, which was dismissed in July 2024. The lawsuit against Axelpharm was dismissed in September 2024, and AstraZeneca appealed. ● In November 2023, Axelpharm filed a compulsory licensing action against AstraZeneca in the Court related to a patent that covers Tagrisso . The compulsory licensing action remains pending. AstraZeneca has also challenged before the Russian Patent and Trademark Office (PTO) the validity of the Axelpharm patent on which the compulsory licensing action is predicated. In August 2024, the PTO determined that Axelpharm’s patent is invalid and, in November 2024, Axelpharm filed an appeal. ● In July 2024, AstraZeneca filed a patent infringement lawsuit, which remains pending, and an unfair competition claim with the Federal Anti-Monopoly Service of Russia (FAS) against AxelPharm and others related to the securing of state contracts in Russia for its generic version of Osimertinib. ● In August 2024, the FAS initiated an unfair competition case against Axelpharm and OncoTarget based on AstraZeneca’s unfair competition claim. In November 2024, the FAS determined that Axelpharm had committed unfair competition and that OncoTarget had not; the FAS ordered Axelpharm to cease sales of its generic osimertinib and pay the Russian government the income it received from its sales of its generic Osimertinib. In December 2024, Axelpharm appealed. Product liability litigation Legal proceedings brought against AstraZeneca Farxiga and Xigduo XR Considered to be a contingent liability US ● 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 and/or Xigduo XR . In September 2023, the parties resolved by settlement agreement one case, filed in state court in Minnesota, previously scheduled for trial in October 2023. All remaining claims are filed in Delaware state court and remain pending, with the earliest trial scheduled for March 2026. Nexium Prilosec A provision has been taken US ● 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 and Prilosec . Most of the lawsuits alleged kidney injury. ● 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 (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 $425 m, for which a provision has been taken. ● In December 2024, AstraZeneca resolved the sole remaining case, which had been pending in the District Court. Nexium Losec Considered to be a contingent liability Canada ● 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 and Losec . No trial date has been scheduled. Onglyza Kombiglyze Matter concluded US ● In the US, AstraZeneca has been defending various lawsuits in both California state court and in a consolidated federal proceeding alleging heart failure, cardiac injuries, and/or death from treatment with Onglyza or Kombiglyze . In the California state court proceeding, the trial court granted summary judgment for AstraZeneca, which the California appellate court affirmed. The California Supreme Court has declined further review, and the California matter has concluded. ● The consolidated federal cases were dismissed in August 2022 by the US District Court for the Eastern District of Kentucky. That dismissal was affirmed by the US Court of Appeals for the Sixth Circuit in February 2024. This matter is concluded. Vaxzevria Considered to be a contingent liability UK ● AstraZeneca is defending lawsuits in multiple jurisdictions, including the UK, involving multiple claimants alleging injuries following vaccination with AstraZeneca’s COVID-19 vaccine. Most of the lawsuits involve claims of thrombosis with thrombocytopenia syndrome. ● No trial dates have been scheduled. Commercial litigation Legal proceedings brought against AstraZeneca 340B Antitrust litigation Considered to be a contingent liability US ● 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 an amended complaint and entered an order closing the matter. ● In March 2024, Plaintiffs filed an appeal. Amyndas Trade Secrets Litigation Considered to be a contingent liability US ● AstraZeneca has been defending a matter filed by Amyndas Pharmaceuticals Member P.C. and Amyndas Pharmaceuticals, LLC, in the US District Court for the District of Massachusetts alleging trade secret misappropriation and breach of contract claims against Alexion and Zealand Pharma U.S. Inc. related to Amyndas’ C3 inhibitor candidate. ● No trial date has been set. Anti-Terrorism Act Civil Lawsuit Considered to be a contingent liability US ● 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 June 2024, the United States Supreme Court issued an order vacating the 2022 decision and granted AstraZeneca’s and the other defendants’ request for a remand to the Appellate Court for reconsideration under new case law. Caelum Trade Secrets Litigation Matter concluded US ● 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 related to CAEL-101. ● In September 2024, the parties resolved the matter by settlement. Definiens Considered to be a contingent liability Germany ● 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 $140 m in earn-outs under the SPA. In December 2023, after an arbitration hearing, the arbitration panel made a final award of $46.43 m in favour of the Sellers. ● In March 2024, AstraZeneca filed an application with the Bavarian Supreme Court to set aside the arbitration award. ● A hearing is scheduled for February 2025. Employment Litigation Considered to be a contingent liability US ● 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 claims of discrimination on grounds of age and religion, related to AstraZeneca’s vaccina

Statutory and other information

Statutory and other information	12 Months Ended
Statutory and other information	Dec. 31, 2024
Statutory and other information
Statutory and other information	31 Statutory and other information 2024 2023 2022 $m $m $m Fees payable to PricewaterhouseCoopers LLP and its associates: Group audit fee 10.6 10.2 9.9 Fees payable to PricewaterhouseCoopers LLP and its associates for other services: The audit of subsidiaries pursuant to legislation 14.8 15.0 15.1 Attestation under s404 of Sarbanes-Oxley Act 2002 3.5 3.3 3.1 Audit-related assurance services 2.2 1.1 0.7 Other assurance services 0.3 0.2 0.2 Fees payable to PricewaterhouseCoopers Associates in respect of the Group’s pension schemes: The audit of subsidiaries’ pension schemes 0.4 0.3 0.3 31.8 30.1 29.3 Fees payable in the year of $0.2m (2023: $0.7m) are in respect of the Group audit and audit of subsidiaries related to prior years. 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. 2024 2023 2022 $’000 $’000 $’000 Short-term employee benefits 40,893 38,636 38,632 Post-employment benefits 1,045 1,354 1,388 Share-based payments 49,121 58,242 56,297 91,059 98,232 96,317 Total remuneration is included within employee costs (see Note 29).

Subsequent events

Subsequent events	12 Months Ended
Subsequent events	Dec. 31, 2024
Subsequent events
Subsequent events	32 Subsequent events There were no material subsequent events.

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk and Management Strategy AstraZeneca employs complementary processes for assessing, identifying, and managing risk from cybersecurity threats. AstraZeneca information systems are protected by a multi-layered set of technology, processes, and cybersecurity experts consistent with the US National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). Maturity against the NIST CSF controls is assessed via recurring independent third-party assessments , internal audits, and both enterprise-wide and targeted manufacturing site penetration testing conducted by a leading external partner. The outputs of these activities are represented in detailed cybersecurity operations and performance metrics. The recurring reports address risk and are reviewed by multiple leadership levels with summaries embedded in enterprise risk reporting provided to the Senior Executive Team (SET) and Audit Committee. Third-party partners are subject to appropriate NIST CSF controls as specified in AstraZeneca third-party risk management and procurement processes, and enforced via service agreement and contract terms and conditions, and ad hoc monitoring. AstraZeneca has not experienced any previous cybersecurity incidents that have materially impacted its business or business strategy. Ongoing risks from cybersecurity threats demand management vigilance, investment, and oversight, as further described below.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	AstraZeneca employs complementary processes for assessing, identifying, and managing risk from cybersecurity threats. AstraZeneca information systems are protected by a multi-layered set of technology, processes, and cybersecurity experts consistent with the US National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). Maturity against the NIST CSF controls is assessed via recurring independent third-party assessments , internal audits, and both enterprise-wide and targeted manufacturing site penetration testing conducted by a leading external partner. The outputs of these activities are represented in detailed cybersecurity operations and performance metrics. The recurring reports address risk and are reviewed by multiple leadership levels with summaries embedded in enterprise risk reporting provided to the Senior Executive Team (SET) and Audit Committee. Third-party partners are subject to appropriate NIST CSF controls as specified in AstraZeneca third-party risk management and procurement processes, and enforced via service agreement and contract terms and conditions, and ad hoc monitoring.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Cybersecurity remains a core AstraZeneca enterprise risk focus area. Enterprise risk reporting includes cybersecurity specific content. The Board of Directors’ Audit Committee provides oversight of risks from cybersecurity threats. The SET receives quarterly cybersecurity updates via the enterprise risk function, and via cybersecurity topics included in meeting agendas. The quarterly updates are forwarded to the Audit Committee. Audit Committee expertise includes leaders that have management expertise across a broad range of industries and market sectors which includes oversight of cybersecurity risk and incidents. The AstraZeneca cybersecurity risk management program is implemented by the Chief Information Security Officer (“CISO”) , who reports to the Chief Digital Officer/Chief Information Officer (“CDIO”). The CISO is the primary executive responsible for assessing and managing cybersecurity risks, including delivering recurring updates to CDIO and SET via standardized quarterly reporting. The CISO has over three decades of cumulative cybersecurity expertise gained from increasingly complex roles in Life Sciences, Electronics Manufacturing, Supply Chain, Software Development, and IT Technical Support. The CDIO reviews risk management recommendations from the CISO and tracks AstraZeneca’s global internal audit management plans that include corrective actions to address exposed risk to information systems from cybersecurity threats. AstraZeneca maintains a global cybersecurity defence operations centre that relies on advanced technology, skilled cybersecurity operations staff and documented incident response plans that are closely coupled with AstraZeneca’s enterprise crisis management processes. Incident response plans and escalation via decision matrix criteria defined in crisis management procedures ensure management is informed of cybersecurity incident prevention, detection, mitigation, and remediation. The CDIO and CISO report risk information to the Audit Committee via recurring Board of Directors presentations and written reports.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors’ Audit Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Enterprise risk reporting includes cybersecurity specific content. The Board of Directors’ Audit Committee provides oversight of risks from cybersecurity threats. The SET receives quarterly cybersecurity updates via the enterprise risk function, and via cybersecurity topics included in meeting agendas. The quarterly updates are forwarded to the Audit Committee.
Cybersecurity Risk Role of Management [Text Block]	The AstraZeneca cybersecurity risk management program is implemented by the Chief Information Security Officer (“CISO”) , who reports to the Chief Digital Officer/Chief Information Officer (“CDIO”). The CISO is the primary executive responsible for assessing and managing cybersecurity risks, including delivering recurring updates to CDIO and SET via standardized quarterly reporting. The CISO has over three decades of cumulative cybersecurity expertise gained from increasingly complex roles in Life Sciences, Electronics Manufacturing, Supply Chain, Software Development, and IT Technical Support. The CDIO reviews risk management recommendations from the CISO and tracks AstraZeneca’s global internal audit management plans that include corrective actions to address exposed risk to information systems from cybersecurity threats. AstraZeneca maintains a global cybersecurity defence operations centre that relies on advanced technology, skilled cybersecurity operations staff and documented incident response plans that are closely coupled with AstraZeneca’s enterprise crisis management processes. Incident response plans and escalation via decision matrix criteria defined in crisis management procedures ensure management is informed of cybersecurity incident prevention, detection, mitigation, and remediation. The CDIO and CISO report risk information to the Audit Committee via recurring Board of Directors presentations and written reports.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Information Security Officer (“CISO”)
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO has over three decades of cumulative cybersecurity expertise gained from increasingly complex roles in Life Sciences, Electronics Manufacturing, Supply Chain, Software Development, and IT Technical Support.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	AstraZeneca maintains a global cybersecurity defence operations centre that relies on advanced technology, skilled cybersecurity operations staff and documented incident response plans that are closely coupled with AstraZeneca’s enterprise crisis management processes. Incident response plans and escalation via decision matrix criteria defined in crisis management procedures ensure management is informed of cybersecurity incident prevention, detection, mitigation, and remediation. The CDIO and CISO report risk information to the Audit Committee via recurring Board of Directors presentations and written reports.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Group Accounting Policies (Poli

Group Accounting Policies (Policies)	12 Months Ended
Group Accounting Policies (Policies)	Dec. 31, 2024
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 The following amendments and interpretations have been issued and adopted: > amendments to IAS 1 'Presentation of Financial Statements', effective for periods beginning on or after 1 January 2024 - endorsed by the United Kingdom 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 'Statem ent of Cash Flows', effective for periods beginning on or after 1 January 2024 - endorsed by the UKEB on 28 November 2023 > amendments to IFRS 7 ' Financial Instruments', effective for periods beginning on or after 1 January 2024 - endorsed by the UKEB on 28 November 2023. The above amendments and interpretations did not have a significant impact on the Group’s net results, net assets or disclosures.
Employee Benefit Trust	Employee Benefit Trusts Following an amendment to the Employee Benefit Trust (EBT) Deed on 10 June 2024, AstraZeneca obtained control and commenced consolidation of the EBT from June 2024. From that date, cash paid on purchases of AstraZeneca Ordinary shares or American Depository Receipts is presented within Financing activities in the Consolidated Statement of Cash Flows.
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 2024, the Group has $10.4bn in financial resources (cash and cash equivalent balances of $5.5bn and undrawn committed bank facilities of $4.9bn that were available until April 2029), with $2.7bn of borrowings due within one year. These facilities contain no financial covenants, and in January 2025 their maturity was extended to April 2030. The Group has assessed the prospects of the Group over a period longer than the required 12 months from the date of Board approval of these Consolidated Financial Statements, with no deterioration noted requiring a further extension of this review. 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 on page 153 and Note 1 on page 160 > expensing of internal development expenses – see Research and development accounting policy on page 154 > impairment reviews of Intangible assets – see Note 10 on page 173 > useful economic life of Intangible assets – see Research and development accounting policy on page 154 > business combinations and Goodwill – see Business combinations and goodwill accounting policy on page 157 > litigation liabilities – see Litigation and Environmental Liabilities within Note 30 on page 205 > operating segments – see Note 6 on page 166 > employee benefits – see Note 22 on page 190 > taxation – see Note 30 on page 211. The Group has assessed the impact of sustainability topics on its financial reporting. This includes an impact assessment on the valuation and useful lives of Intangible assets and the identification and measurement of provisions and contingent liabilities in response to climate and pollution risks. Sustainability-related opportunities on innovation are integral to the Financial Statements with a key indicator of the Group’s investment being R&D expense. Business conduct and patient safety are both considered as part of our recognition and measurement of provisions and contingent liabilities, noted within sections of Government investigations and proceedings and Product liability litigation as relevant, of Note 30. 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 194. 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 Statement of Financial Position 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 ‘Revenue from Contracts with Customers’, 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 share of gross profits, a share of revenues or a royalty. This revenue is recognised when the Group's right to receive the share of the collaboration partner’s income is established and can be reliably measured. Where an out-licensing arrangement meets the definition of a licence agreement, sales royalties are recognised when achieved by applying the royalty exemption under IFRS 15. 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 2024, 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 includes 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 ‘Revenue from Contracts with Customers’. 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 and loss; 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 and loss 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. Current tax includes the Group's charge for any Pillar Two income taxes. 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. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 ‘Income Taxes’ issued in May 2023. 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 211.
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 purchase of shares by consolidated Employee Benefit Trusts (EBTs) relating to the vesting of share plans are recognised within financing activities. Cash outflows relating to the employer and employee taxes paid on vesting of share plans are recognised in operating activities as they relate to employee remuneration. The cash flows relating to replacement awards issued to employees as part of the Alexion acquisition 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 ‘Business Combinations’. On the acquisition of a business, fair values are attributed to the identifiable assets and liabilities. Attributing fair values is a judgement. 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 ‘Financial Instruments’. 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 and 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 and loss as an expense) and is remeasured to fair value at each reporting date with changes in carrying value being recognised in profit and loss (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 ‘Financial Instruments’. 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 and loss (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 loss 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 and loss 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 and loss 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 Statement of Cash Flows. Cash collateral paid is included in Movements in short-term investments within investing activities in the Consolidated Statement of Cash Flows. 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 on page 205. 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.
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.
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 were 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 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: > IFRS 18 ‘Presentation and Disclosure in Financial Statements’ is effective for accounting periods beginning on or after 1 January 2027 and will replace IAS 1 ‘Presentation of Financial Statements’. IFRS 18 sets out new presentation requirements for the Statement of Comprehensive Income, as well as more stringent and additional requirements on the aggregation, disaggregation and categorisation of income and expenses within the Statement of Comprehensive Income. Additionally, alternative performance measures included within the Annual Report which meet the definition of Management-defined Performance Measures are required to be disclosed within the Notes to the Financial Statements. > The Group is currently ass essing the impact of IFRS 18. It is expected that IFRS 18 will have a significant impact on the presentation of the Consolidated Statement of Comprehensive Income, and may require judgements around aggregation and disaggregation of certain balances, as well as requiring additional disclosures relating to Management-defined Performance Measures, aggregation and disaggregation, and EPS. IFRS 18 is yet to be endorsed by the UKEB and the Group is not seeking to early adopt the standard. In addition, the following amendment was issued but not yet adopted: > amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates', effective for periods beginning on or after 1 January 2025 - endorsed by the UKEB on 15 July 2024.
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 and loss is not expected to be material. The accounting treatment for fair value hedges and debt designated as FVPL is disclosed in the Bank and other borrowings accounting policy in the Group accounting policies section on page 158.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
Revenue (Tables)	Dec. 31, 2024
Revenues
Schedule of revenue	2024 2023 2022 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 2,763 1,755 1,301 761 6,580 2,276 1,621 1,120 782 5,799 2,007 1,567 1,023 847 5,444 Imfinzi 2,603 479 948 687 4,717 2,171 355 742 751 4,019 1,539 287 544 401 2,771 Calquence 2,190 153 656 130 3,129 1,815 98 493 108 2,514 1,657 45 286 69 2,057 Lynparza 1,332 655 832 253 3,072 1,254 542 734 281 2,811 1,226 488 655 269 2,638 Enhertu – 350 126 69 545 – 169 60 32 261 – 51 21 7 79 Zoladex 16 795 148 99 1,058 14 687 133 118 952 15 657 133 122 927 Imjudo 180 16 36 49 281 146 5 16 51 218 13 – – – 13 Truqap 408 2 12 8 430 6 – – – 6 – – – – – Orpathys – 44 – – 44 – 44 – – 44 – 33 – – 33 Others 18 253 23 125 419 37 307 34 143 521 27 409 64 169 669 9,510 4,502 4,082 2,181 20,275 7,719 3,828 3,332 2,266 17,145 6,484 3,537 2,726 1,884 14,631 Cardiovascular, Renal & Metabolism: Farxiga 1,750 2,853 2,634 419 7,656 1,451 2,211 1,881 420 5,963 1,071 1,665 1,297 348 4,381 Brilinta 751 294 268 20 1,333 744 285 271 24 1,324 744 286 282 46 1,358 Crestor 46 934 37 136 1,153 55 862 52 138 1,107 65 794 41 148 1,048 Seloken/Toprol-XL – 589 13 3 605 1 621 11 7 640 – 839 14 9 862 Lokelma 256 86 92 108 542 214 50 58 90 412 170 20 30 69 289 Roxadustat – 331 – – 331 – 271 – – 271 – 197 – – 197 Andexxa 81 3 80 55 219 75 – 62 45 182 77 – 41 32 150 Wainua 85 – – – 85 – – – – – – – – – – Others 106 249 146 23 524 212 286 168 20 686 352 318 201 32 903 3,075 5,339 3,270 764 12,448 2,752 4,586 2,503 744 10,585 2,479 4,119 1,906 684 9,188 Respiratory & Immunology: Symbicort 1,187 805 559 328 2,879 726 753 549 334 2,362 973 608 582 375 2,538 Fasenra 1,049 92 404 144 1,689 992 64 355 142 1,553 906 43 305 142 1,396 Pulmicort 6 568 71 37 682 28 575 68 42 713 65 462 69 49 645 Breztri 516 245 143 74 978 383 161 81 52 677 239 92 33 34 398 Tezspire – 11 156 81 248 – 1 48 37 86 – – 2 2 4 Saphnelo 425 7 26 16 474 260 2 8 10 280 111 – 2 3 116 Airsupra 66 – – – 66 2 – – – 2 – – – – – Others 167 169 57 7 400 156 215 55 8 434 361 238 61 8 668 3,416 1,897 1,416 687 7,416 2,547 1,771 1,164 625 6,107 2,655 1,443 1,054 613 5,765 Vaccines & Immune Therapies: Synagis (8) 210 116 129 447 (1) 195 175 177 546 1 173 213 191 578 Beyfortus 232 – 84 2 318 87 – 19 – 106 – – – – – FluMist 28 1 204 25 258 23 1 188 4 216 21 1 151 2 175 COVID-19 mAbs 28 – 3 – 31 – 6 12 114 132 1,067 413 298 407 2,185 Others – 2 2 – 4 – 10 2 – 12 79 729 365 625 1,798 280 213 409 156 1,058 109 212 396 295 1,012 1,168 1,316 1,027 1,225 4,736 Rare Disease: Ultomiris 2,261 141 884 638 3,924 1,750 71 668 476 2,965 1,136 38 481 310 1,965 Soliris 1,523 443 416 206 2,588 1,734 424 670 317 3,145 2,180 301 805 476 3,762 Strensiq 1,167 54 99 96 1,416 937 40 89 86 1,152 769 35 78 76 958 Koselugo 212 177 103 39 531 195 59 53 24 331 162 26 20 – 208 Kanuma 100 34 66 9 209 85 29 49 8 171 77 31 44 8 160 5,263 849 1,568 988 8,668 4,701 623 1,529 911 7,764 4,324 431 1,428 870 7,053 Other: Nexium 96 591 60 120 867 115 578 53 199 945 120 568 46 551 1,285 Others 15 144 43 4 206 18 153 52 8 231 24 220 77 19 340 111 735 103 124 1,073 133 731 105 207 1,176 144 788 123 570 1,625 Product Sales 21,655 13,535 10,848 4,900 50,938 17,961 11,751 9,029 5,048 43,789 17,254 11,634 8,264 5,846 42,998
Alliance Revenue
Revenues
Schedule of revenue	2024 2023 2022 $m $m $m Enhertu 1,437 1,022 523 Tezspire 436 259 79 Beyfortus 237 57 – Vaxzevria – – 76 Other royalty income 91 81 68 Other Alliance Revenue 11 9 9 2,212 1,428 755
Collaboration Revenue
Revenues
Schedule of revenue	2024 2023 2022 $m $m $m Lynparza 600 – – Beyfortus 167 27 – Koselugo 100 – – Farxiga 56 29 – Lynparza – 245 355 COVID-19 mAbs: licence fees – 180 – Beyfortus – 71 25 tralokinumab: sales milestones – 20 110 Nexium – – 62 Other Collaboration Revenue – 22 46 923 594 598

Operating profit (Tables)

Operating profit (Tables)	12 Months Ended
Operating profit (Tables)	Dec. 31, 2024
Operating profit
Schedule of other operating income and expense	2024 2023 2022 $m $m $m Royalty income 103 107 59 Gains on disposal of intangible assets 64 251 104 Net (losses)/gains on disposal of other non-current assets (4) 41 112 Update to the contractual relationships for Beyfortus – 712 – Other income 1 210 393 439 Other expense (121) (164) (200) Other operating income and expense 252 1,340 514 1 Other income in 2024 includes $ nil of income from Allergan Plc. in respect of the development of brazikumab (2023: $75 m; 2022: $138 m).
Schedule of restructuring costs	2024 2023 2022 $m $m $m Cost of sales 569 109 266 Distribution expense – – 2 Research and development expense 275 212 111 Selling, general and administrative expense 312 207 405 Other operating income and expense (2) (61) (67) Total charge 1,154 467 717 2024 2023 2022 $m $m $m Severance costs 213 57 187 Accelerated depreciation and impairment charges 64 68 135 Other 1 877 342 395 Total charge 1,154 467 717 1 Other costs are those incurred in designing and implementing the Group’s various restructuring initiatives. In 2024, Other costs included $480 m for inventory and related product provisions related to Andexxa following the decision to cease promotional activities. Other costs also include the 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	2024 2023 2022 $m $m $m (Losses)/gains on forward foreign exchange contracts (81) 42 150 Losses on receivables and payables (143) (260) (203) Total (224) (218) (53)

Finance income and expense (Tab

Finance income and expense (Tables)	12 Months Ended
Finance income and expense (Tables)	Dec. 31, 2024
Finance income and expense
Schedule of finance income and expense	2024 2023 2022 $m $m $m Finance income Returns on deposits and equity securities 339 291 78 Fair value gains on debt and interest rate swaps 113 43 14 Interest income on income tax balances 6 10 3 Total 458 344 95 Finance expense Interest on debt, leases and other financing costs (1,391) (1,132) (889) Net interest on post-employment defined benefit plan net liabilities (Note 22) (50) (38) (29) Net exchange losses (42) (34) (16) Discount unwind on contingent consideration arising from business combinations (Note 20) (113) (132) (168) Discount unwind on other long-term liabilities 1 (116) (200) (216) Fair value losses on debt and interest rate swaps (18) (3) – Interest expense on income tax balances (12) (87) (28) Total (1,742) (1,626) (1,346) Net finance expense (1,284) (1,282) (1,251) 1 Included within Discount unwind on other long-term liabilities is $ nil relating to the Acerta Pharma share purchase liability (2023: $55 m; 2022: $108 m) and the discount unwind of other payables of $ 91 m (2023: $100 m; 2022: $ 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	2024 2023 2022 $m $m $m Interest and fair value adjustments in respect of debt designated at fair value through profit or loss, net of derivatives 107 13 (9) Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives (38) – – Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances 306 177 54 Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost (1,251) (1,004) (837)

Taxation (Tables)

Taxation (Tables)	12 Months Ended
Taxation (Tables)	Dec. 31, 2024
Taxation
Schedule of taxation, comprehensive income	2024 2023 2022 $m $m $m Current tax Current year 2,314 2,417 1,823 Pillar Two income tax charge 238 – – Adjustment to prior years (107) 28 (187) Total 2,445 2,445 1,636 Deferred tax Origination and reversal of temporary differences (818) (1,473) (2,563) Adjustment to prior years 23 (34) 135 Total (795) (1,507) (2,428) Taxation charge/(credit) recognised in the profit for the year 1,650 938 (792) Taxation (charge)/credit recognised in Other comprehensive income is as follows: 2024 2023 2022 $m $m $m Current and deferred tax Items that will not be reclassified to profit and loss: Remeasurement of the defined benefit liability (23) 102 (231) Equity investments measured at fair value through Other comprehensive income (20) (1) 15 Total (43) 101 (216) Items that may be reclassified subsequently to profit and loss: Foreign exchange arising on designated liabilities in net investment hedges 28 (24) 73 Fair value movement on cash flow hedges (3) 12 – Total 25 (12) 73 Taxation (charge)/credit recognised in Other comprehensive income (18) 89 (143)
Schedule of tax reconciliation to UK statutory rate	2024 2023 2022 $m $m $m Profit before tax 8,691 6,899 2,501 Notional taxation charge at UK corporation tax rate of 25% (2023: 23.5%; 2022: 19%) 2,173 1,621 475 Differences in effective overseas tax rates 1 (60) (224) (59) Deferred tax credit relating to change in tax rates 2 (24) (66) (108) Unrecognised deferred tax asset 3 104 341 68 Items not deductible for tax purposes 64 46 90 Intellectual Property incentive regimes (561) (367) (265) Pillar Two income taxes 238 – – Other items 4 (200) (406) (941) Adjustments to prior periods 5 (84) (7) (52) Total tax charge/(credit) for the year 1,650 938 (792) 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 2024: $ 0.5 bn) and originated in goodwill. Some of this liability reverses in an intellectual property 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 intellectual property 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
Schedule of movements in deferred tax balances	The total movement in the net deferred tax balance in the year was $168m. The movements are as follows: Intangibles, Elimination of Losses and Property, plant unrealised profit Untaxed tax credits Accrued and equipment on inventory reserves 1 carried forward expenses Other 2 Total $m $m $m $m $m $m $m Net deferred tax balance at 1 January 2022 (5,480) 1,861 (862) 1,518 85 1,002 (1,876) Income statement 3 1,414 274 38 (126) 778 50 2,428 Other comprehensive income 72 – – – – (215) (143) Equity – – – – – 38 38 Exchange 63 (111) 108 (134) 17 (71) (128) Net deferred tax balance at 31 December 2022 (3,931) 2,024 (716) 1,258 880 804 319 Income statement 3 1,518 426 96 (308) (23) (202) 1,507 Other comprehensive income (16) – – – – 83 67 Equity – – – – – (21) (21) Additions and disposals (24) – – 50 – (1) 25 Exchange (38) (64) (40) 106 32 (19) (23) Net deferred tax balance at 31 December 2023 (2,491) 2,386 (660) 1,106 889 644 1,874 Income statement 803 238 (186) 36 74 (170) 795 Other comprehensive income 34 – – – – (42) (8) Equity – – – – – (28) (28) Additions and disposals (605) – – 127 2 (1) (477) Exchange 93 (152) 68 (70) (40) (13) (114) Net deferred tax balance at 31 December 2024⁴ (2,166) 5 2,472 (778) 1,199 925 390 2,042 1 Untaxed reserves relate to taxable profits where the tax liability is deferred to later periods. 2 3 4 Imfinzi 5
Schedule of net deferred tax balance	Intangibles, Elimination of Losses and Property, plant unrealised profit Untaxed tax credits Accrued and equipment on inventory reserves carried forward expenses Other 1 Total $m $m $m $m $m $m $m Deferred tax assets at 31 December 2022 1,499 2,048 – 1,274 1,005 885 6,711 Deferred tax liabilities at 31 December 2022 (5,430) (24) (716) (16) (125) (81) (6,392) Net deferred tax balance at 31 December 2022 (3,931) 2,024 (716) 1,258 880 804 319 Deferred tax assets at 31 December 2023 1,883 2,386 – 1,141 1,011 801 7,222 Deferred tax liabilities at 31 December 2023 (4,374) – (660) (35) (122) (157) (5,348) Net deferred tax balance at 31 December 2023 (2,491) 2,386 (660) 1,106 889 644 1,874 Deferred tax assets at 31 December 2024 1,781 2,472 – 1,221 1,039 688 7,201 Deferred tax liabilities at 31 December 2024 (3,947) – (778) (22) (114) (298) (5,159) Net deferred tax balance at 31 December 2024 (2,166) 2,472 (778) 1,199 925 390 2,042 1 The Group revised its presentation of deferred taxes on pension and post-retirement benefits in 2024 to present this within Other. Analysed in the Consolidated Statement of Financial Position, after offset of balances within countries, as follows: 2024 2023 2022 $m $m $m Deferred tax assets 5,347 4,718 3,263 Deferred tax liabilities (3,305) (2,844) (2,944) Net deferred tax balance 2,042 1,874 319
Schedule of unrecognised deferred tax assets	2024 2024 2023 2023 2022 2022 Temporary Unrecognised Temporary Unrecognised Temporary Unrecognised differences DTA differences DTA differences DTA $m $m $m $m $m $m Temporary differences expiring: Within 10 years 161 37 87 22 104 26 More than 10 years 217 46 153 32 153 32 Indefinite 3,883 816 2,788 595 686 163 4,261 899 3,028 649 943 221 Tax credits and State tax losses expiring: Within 10 years 162 152 115 More than 10 years 373 363 384 Indefinite 89 87 87 624 602 586 Total 1,523 1,251 807

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, 2024
Earnings per $0.25 Ordinary Share
Schedule of Earnings per Ordinary Share	2024 2023 2022 Profit for the year attributable to equity holders ($m) 7,035 5,955 3,288 Basic earnings per Ordinary Share $4.54 $3.84 $2.12 Diluted earnings per Ordinary Share $4.50 $3.81 $2.11 Weighted average number of Ordinary Shares in issue for basic earnings (millions) 1,550 1,549 1,548 Dilutive impact of share options outstanding (millions) 13 13 12 Diluted weighted average number of Ordinary Shares in issue (millions) 1,563 1,562 1,560

Segment information (Tables)

Segment information (Tables)	12 Months Ended
Segment information (Tables)	Dec. 31, 2024
Segment information
Schedule of revenue by geographic area	Total Revenue 2024 2023 2022 $m $m $m UK 4,740 3,368 3,117 Rest of Europe France 1,283 1,152 1,107 Germany 2,524 2,099 1,902 Italy 949 813 735 Spain 994 847 738 Sweden 2,290 1,704 1,721 Others 3,663 3,110 2,706 11,703 9,725 8,909 The Americas Canada 937 967 1,166 US 21,806 18,121 17,278 Others 2,246 1,683 1,175 24,989 20,771 19,619 Asia, Africa & Australasia Australia 439 390 571 China 6,419 5,872 5,743 Japan 3,452 3,640 3,986 Others 2,331 2,045 2,406 12,641 11,947 12,706 Total Revenue 54,073 45,811 44,351 Total Revenue outside of the UK totalled $49,333m for the year ended 31 December 2024 (2023: $42,443m; 2022: $41,234m). Operating profit/(loss) Profit/(loss) before tax 2024 2023 2022 2024 2023 2022 $m $m $m $m $m $m UK 2,680 665 1,120 1,349 (577) 272 Rest of Europe 5,924 4,885 2,945 6,057 4,999 2,709 The Americas 423 1,495 (954) 318 1,328 (1,140) Asia, Africa & Australasia 976 1,148 646 967 1,149 660 Continuing operations 10,003 8,193 3,757 8,691 6,899 2,501
Schedule of assets by geographic area	Non-current assets 1, 2 Total assets 2024 2023 2022 2024 2023 2022 $m $m $m $m $m $m UK 8,699 8,626 8,208 20,139 19,616 16,786 Rest of Europe 30,654 32,905 34,301 37,884 40,638 40,669 The Americas 28,730 26,524 25,425 38,544 34,754 32,990 Asia, Africa & Australasia 2,181 910 929 7,468 6,111 6,038 Continuing operations 70,264 68,965 68,863 104,035 101,119 96,483 Assets acquired 3 Net operating assets 4 2024 2023 2022 2024 2023 2022 $m $m $m $m $m $m UK 582 812 2,301 7,173 5,275 3,863 Rest of Europe 2,225 1,770 522 30,852 32,920 32,726 The Americas 3,925 1,925 421 24,501 22,746 23,290 Asia, Africa & Australasia 1,394 117 51 2,602 1,405 1,895 Continuing operations 8,126 4,624 3,295 65,128 62,346 61,774 1 Non-current assets exclude Deferred tax assets and Derivative financial instruments. 2 In 2023, the Group 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. 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 2024 2023 2022 $m $m $m UK 2,847 2,831 2,526 Ireland 1,323 1,164 1,040 Sweden 1,692 1,678 1,472 US 2,856 2,371 2,176 Rest of the world 1,534 1,358 1,293 Continuing operations 10,252 9,402 8,507
Schedule of product sales	2024 2023 2022 $m $m $m UK 1,314 978 996 Rest of Europe 10,686 8,201 7,503 The Americas 25,081 20,855 20,126 Asia, Africa & Australasia 13,857 13,755 14,373 Continuing operations 50,938 43,789 42,998

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
Property, plant and equipment (Tables)	Dec. 31, 2024
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 2022 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 Additions through business combinations (Note 27) 1 15 2 18 Capital expenditure 27 63 1,905 1,995 Transfer of assets into use 312 729 (1,041) – Disposals and other movements (44) (271) (40) (355) Exchange adjustments (185) (386) (82) (653) At 31 December 2024 6,580 8,854 2,789 18,223 Depreciation and impairment At 1 January 2022 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 Depreciation charge for the year 231 568 – 799 Impairment charge – (7) 49 42 Disposals and other movements (39) (252) (49) (340) Exchange adjustments (101) (245) – (346) At 31 December 2024 2,856 5,115 – 7,971 Net book value At 31 December 2022 2,951 2,903 2,653 8,507 At 31 December 2023 3,704 3,653 2,045 9,402 At 31 December 2024 3,724 3,739 2,789 10,252
Schedule of net book value of land and buildings	2024 2023 2022 $m $m $m The net book value of land and buildings comprised: Freeholds 3,329 2,976 2,555 Leaseholds 395 728 396

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2024
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 2022 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 Additions through business combinations (Note 27) 20 – – 20 Additions – separately acquired 332 342 18 692 Disposals and other movements (73) (140) (5) (218) Exchange adjustments (43) (33) (2) (78) At 31 December 2024 1,588 664 47 2,299 Depreciation and impairment At 1 January 2022 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 Depreciation charge for the year 183 151 9 343 Impairment charge 7 – – 7 Disposals and other movements (71) (115) (6) (192) Exchange adjustments (22) (14) (1) (37) At 31 December 2024 646 237 21 904 Net book value At 31 December 2022 771 153 18 942 At 31 December 2023 803 280 17 1,100 At 31 December 2024 942 427 26 1,395
Schedule of the present value of lease liabilities	2024 2023 2022 $m $m $m The present value of lease liabilities is as follows: Within one year (339) (271) (228) Later than one year and not later than five years (825) (657) (549) Later than five years (288) (200) (176) Total lease liabilities (1,452) (1,128) (953)

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
Goodwill (Tables)	Dec. 31, 2024
Goodwill.
Schedule of changes in Goodwill	2024 2023 2022 $m $m $m Cost At 1 January 20,361 20,131 20,311 Additions through business combinations (Note 27) 1,083 158 15 Exchange and other adjustments (109) 72 (195) At 31 December 21,335 20,361 20,131 Amortisation and impairment losses At 1 January 313 311 314 Exchange and other adjustments (3) 2 (3) At 31 December 310 313 311 Net book value At 31 December 21,025 20,048 19,820

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
Intangible assets (Tables)	Dec. 31, 2024
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 2022 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 Additions through business combinations (Note 27) 2,308 56 – 2,364 Additions – separately acquired 2,226 150 290 2,666 Disposals (294) – (285) (579) Exchange and other adjustments (964) (13) (50) (1,027) At 31 December 2024 72,483 2,900 1,530 76,913 Amortisation and impairment losses At 1 January 2022 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 Amortisation for year 3,761 78 84 3,923 Impairment charges 1,577 3 2 1,582 Impairment reversals (8) – – (8) Disposals (286) – (283) (569) Exchange and other adjustments (561) (13) (18) (592) At 31 December 2024 36,749 2,129 858 39,736 Net book value At 31 December 2022 38,393 497 417 39,307 At 31 December 2023 36,941 646 502 38,089 At 31 December 2024 35,734 771 672 37,177
Summary of amortisation charges	Product, Software marketing and Other development distribution rights intangibles costs Total $m $m $m $m 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 Year ended 31 December 2024 Cost of sales 32 1 – 33 Research and development expense 3 22 – 25 Selling, general and administrative expense 3,726 55 84 3,865 Total 3,761 78 84 3,923
Summary of impairment charges	Product, Software marketing and Other development distribution rights intangibles costs Total $m $m $m $m 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 Year ended 31 December 2024 Research and development expense 1,065 – – 1,065 Selling, general and administrative expense 504 3 2 509 Total 1,569 3 2 1,574
Summary of significant intangible assets	Carrying Remaining value amortisation $m period C5 franchise ( Soliris Ultomiris 12,667 3 to 11 years Intangible assets arising from the acquisition of Acerta Pharma 3,853 8 years Strensiq Kanuma 3,221 8 to 14 years Enhertu 2,534 9 years Intangible asset products in development arising from the acquisition of Alexion 1 1,913 Not amortised Intangible assets arising from the acquisition of ZS Pharma 1,548 7 years Intangible asset products in development arising from the acquisition of Fusion 1 1,161 Not amortised Intangible asset products in development arising from the acquisition of Gracell 1 983 Not amortised Datroway 1 974 Not amortised Baxdrostat intangible asset acquired from CinCor 1 790 Not amortised Intangible asset products in development arising from the acquisition of Amolyt 1 768 Not amortised Intangible asset products in development arising from the acquisition of Icosavax 1 639 Not amortised Airsupra 500 10 years Intangible assets arising from the restructuring of a historical joint venture with MSD 375 2 to 5 years Monalizumab intangible assets acquired from Innate Pharma 1 364 Not amortised Intangible assets arising from the acquisition of Pearl Therapeutics 309 4 to 5 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, 2024
Investments in associates and joint ventures
Schedule of investments in associates and joint ventures	2024 2023 2022 $m $m $m At 1 January 147 76 69 Additions 158 80 26 Share of after tax losses (28) (12) (5) Exchange and other adjustments (9) 3 (14) At 31 December 268 147 76
Schedule of summarised financial information for the associate and joint venture entities	2024 2023 2022 $m $m $m Non-current assets 577 424 290 Current assets 508 362 300 Total liabilities (516) (287) (72) Net assets 569 499 518 Amount attributable to AstraZeneca 131 85 91 Goodwill 152 52 – Exchange adjustments (15) 10 (15) Carrying value of investments in associates and joint ventures 268 147 76

Other investments (Tables)

Other investments (Tables)	12 Months Ended
Other investments (Tables)	Dec. 31, 2024
Other investments
Schedule of other investments	2024 2023 2022 $m $m $m Non-current investments Equity securities at fair value through Other comprehensive income 1,632 1,530 1,056 Fixed income securities at fair value through profit or loss – – 10 Total 1,632 1,530 1,066 Current investments Fixed income securities at fair value through profit or loss 37 20 13 Cash collateral pledged to counterparties 129 102 162 Fixed deposits – – 64 Total 166 122 239
Schedule of analysis equity securities and bonds available for sale	2024 2024 2023 2023 2022 2022 FVPL FVOCI FVPL FVOCI FVPL FVOCI $m $m $m $m $m $m Level 1 37 1,279 20 1,217 13 880 Level 2 – – – – – – Level 3 – 353 – 313 10 176 Total 37 1,632 20 1,530 23 1,056
Schedule of fair value movements in level 3 investments	2024 2024 2023 2023 2022 2022 FVPL FVOCI FVPL FVOCI FVPL FVOCI $m $m $m $m $m $m At 1 January – 313 10 176 – 104 Additions – 56 – 127 10 32 Revaluations – (9) 3 14 – 50 Net transfers out from Level 3 to Level 1 – – – – – (4) Disposals – – (13) (8) – (5) Impairments and exchange adjustments – (7) – 4 – (1) At 31 December – 353 – 313 10 176

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
Derivative financial instruments (Tables)	Dec. 31, 2024
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 – 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 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 148 – – – 148 Cross-currency swaps designated in a cash flow hedge 34 – – (71) (37) Cross-currency swaps designated in a fair value hedge – – – (44) (44) Forward FX designated in a cash flow hedge 2 – 5 (1) – 4 Other derivatives – 49 (49) – – 31 December 2024 182 54 (50) (115) 71 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	2024 2023 2022 Derivatives 0.6 % to 4.1 % 0.1 % to 5.3 % 0.1 % to 4.7 %

Non-current other receivables (

Non-current other receivables (Tables)	12 Months Ended
Non-current other receivables (Tables)	Dec. 31, 2024
Non-current other receivables.
Schedule of non-current other receivables	2024 2023 2022 $m $m $m Prepayments 356 274 243 Accrued income 60 52 44 Retirement benefit scheme surpluses (Note 22) 99 92 90 Other receivables 415 385 458 Non-current other receivables 930 803 835

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Dec. 31, 2024
Inventories
Schedule of inventories	2024 2023 2022 $m $m $m Raw materials and consumables 1,489 1,531 1,422 Inventories in process 2,282 2,325 1,864 Finished goods and goods for resale 1,517 1,568 1,413 Inventories 5,288 5,424 4,699

Current trade and other recei_2

Current trade and other receivables (Tables)	12 Months Ended
Current trade and other receivables (Tables)	Dec. 31, 2024
Current trade and other receivables
Schedule of trade, other current receivables and prepayments	2024 2023 2022 $m $m $m Trade receivables 8,335 8,452 7,271 Less: Expected credit loss provision (Note 28) (33) (45) (59) 8,302 8,407 7,212 Other receivables 1,579 1,639 1,659 Prepayments 1,737 1,617 1,329 Government grants receivable 25 11 25 Accrued income 1,329 452 296 Trade and other receivables 12,972 12,126 10,521

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
Cash and cash equivalents (Tables)	Dec. 31, 2024
Cash and cash equivalents.
Summary of cash and cash equivalents	2024 2023 2022 $m $m $m Cash at bank and in hand 1,215 1,325 1,411 Short-term deposits 4,273 4,515 4,755 Cash and cash equivalents 5,488 5,840 6,166 Unsecured bank overdrafts (59) (203) (183) Cash and cash equivalents in the Consolidated Statement of Cash Flows 5,429 5,637 5,983
Summary of non-cash and other movements within operating activities	2024 2023 2022 $m $m $m Share-based payments charge for the period 660 579 619 Settlement of share plan awards (618) (650) (592) Pension contributions (166) (188) (205) Pension charges recorded in operating profit 86 55 101 Long-term provision charges recorded in operating profit 106 460 87 Loss/(gain) on disposal of tangible assets 4 (41) (112) Update to the contractual relationships for Beyfortus – (729) – Foreign exchange and other 1 (193) 128 (590) Total operating activities non-cash and other movements (121) (386) (692) 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, 2024
Interest-bearing loans and borrowings
Schedule of interest bearing loans and borrowings	Repayment 2024 2023 2022 dates $m $m $m Current liabilities Bank overdrafts On demand 59 203 183 Other short-term borrowings excluding overdrafts 90 97 78 Collateral received from derivative counterparties 181 215 89 Lease liabilities 339 271 228 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 – 3.375% Callable bond US dollars 2025 1,997 – – Other loans Within one year 10 19 22 Total 2,676 5,400 5,542 Non-current liabilities Lease liabilities 1,113 857 725 0.75% Callable bond euros 2024 – – 957 0.7% Callable bond US dollars 2024 – – 1,598 2024 Floating bank loans US dollars 2024 – – 1,998 3.375% Callable bond US dollars 2025 – 1,994 1,992 0.7% Callable bond US dollars 2026 1,198 1,196 1,195 1.2% Callable bond US dollars 2026 1,249 1,248 1,246 4.8% Callable bond US dollars 2027 1,247 – – 3.625% Callable bond euros 2027 780 829 – 3.125% Callable bond US dollars 2027 748 747 746 4.875% Callable bond US dollars 2028 1,096 1,095 – 1.25% Callable bond euros 2028 829 879 845 1.75% Callable bond US dollars 2028 1,247 1,246 1,245 4% Callable bond US dollars 2029 996 995 995 4.85% Callable bond US dollars 2029 1,246 – – 0.375% Callable bond euros 2029 829 881 846 4.9% Callable bond US dollars 2030 646 645 – 3.121% Callable bond euros 2030 682 – – 1.375% Callable bond US dollars 2030 1,295 1,294 1,293 4.9% Callable bond US dollars 2031 994 – – 2.25% Callable bond US dollars 2031 747 747 747 5.75% Non-callable bond pound sterling 2031 438 444 420 3.75% Callable bond euros 2032 778 827 – 4.875% Callable bond US dollars 2033 497 497 – 3.278% Callable bond euros 2033 786 – – 5% Callable bond US dollars 2034 1,489 – – 6.45% Callable bond US dollars 2037 2,727 2,725 2,724 4% Callable bond US dollars 2042 989 989 988 4.375% Callable bond US dollars 2045 982 981 981 4.375% Callable bond US dollars 2048 738 738 737 2.125% Callable bond US dollars 2050 487 487 487 3% Callable bond US dollars 2051 735 735 735 Other loans US dollars 31 146 190 Total 27,619 23,222 23,690 Total interest-bearing loans and borrowings 1 30,295 28,622 29,232 1 All loans and borrowings above are unsecured. In previous years, there were current (2023: $ nil ; 2022: $22 m) and non-current (2023: $ nil ; 2022: $181 m) secured loans, both included within Other loans.
Schedule of reconciliation of interest bearing loans and borrowings	Total Total Total loans and loans and loans and borrowings borrowings borrowings 2024 2023 2022 $m $m $m At 1 January 28,622 29,232 30,781 Changes from financing cash flows Issue of loans and borrowings 6,492 3,816 – Repayment of loans and borrowings (4,652) (4,942) (1,271) Movement in short-term borrowings (31) 161 74 Repayment of obligations under leases (316) (268) (244) Total changes in cash flows arising on financing activities from borrowings 1,493 (1,233) (1,441) Movement in overdrafts (144) 20 (85) New lease liabilities 710 444 253 Additions through business combinations 12 – 5 Exchange (361) 187 (287) Other movements (37) (28) 6 At 31 December 30,295 28,622 29,232
Schedule of comparison of carrying values and fair values of interest-bearing loans and borrowings	Instruments Instruments Instruments Total designated designated in designated in Amortised carrying Fair at fair value 1 cash flow hedge 2 fair value hedge 3 cost value value $m $m $m $m $m $m 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 2024 Overdrafts – – – 59 59 59 Lease liabilities due within one year – – – 339 339 339 Lease liabilities due after more than one year – – – 1,113 1,113 1,113 Loans and borrowings due within one year – – – 2,278 2,278 2,263 Loans and borrowings due after more than one year – 2,387 1,468 22,651 26,506 25,405 Total at 31 December 2024³ – 2,387 1,468 26,440 30,295 29,179 1 Instruments designated at FVPL include the US dollar 7% guaranteed debentures which matured on 15 November 2023. 2 3
Schedule of interest rates used to discount future cash flows for fair value adjustments	2024 2023 2022 Loans and borrowings 2.0 % to 2.9 % n/a to n/a 1 4.3 % to 4.9 % 1 All bonds designated as FVPL in 2023 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, 2024
Trade and other payables
Schedule of Trade and other payables	2024 2023 2022 $m $m $m Current liabilities Trade payables 3,640 3,267 2,550 Value-added and payroll taxes and social security 401 492 468 Rebates, chargebacks, returns and other revenue accruals 7,805 7,817 6,078 Clinical trial accruals 1,419 1,424 1,417 Other accruals 6,463 6,112 5,551 Collaboration Revenue contract liabilities 7 7 12 Vaccine contract liabilities 119 142 169 Deferred government grant income – – 1 Contingent consideration 1,170 966 757 Acerta Pharma share purchase liability – 833 867 Other payables 1,441 1,314 1,170 Total 22,465 22,374 19,040 Non-current liabilities Accruals 65 36 37 Collaboration Revenue contract liabilities – 7 14 Contingent consideration 581 1,171 1,465 Acerta Pharma share purchase liability – – 779 Other payables 1,124 1,446 1,975 Total 1,770 2,660 4,270
Schedule of Contingent consideration	2024 2023 2022 $m $m $m At 1 January 2,137 2,222 2,865 Additions through business combinations 198 60 – Settlements (1,008) (826) (772) Disposals – – (121) Revaluations 311 549 82 Discount unwind (Note 3) 113 132 168 At 31 December 1,751 2,137 2,222
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 171 Amplimmune, Inc. 2013 Milestones 150 Almirall 2014 Milestones and royalties 345 Neogene 2023 Milestones 110 Fusion 2024 Milestones 304 Gracell 2024 Milestones 149

Provisions (Tables)

Provisions (Tables)	12 Months Ended
Provisions (Tables)	Dec. 31, 2024
Provisions.
Schedule of provisions	Employee Other Severance Environmental benefits Legal provisions Total $m $m $m $m $m $m At 1 January 2022 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 Additions arising on business acquisitions – – – – 50 50 Charge for year 283 26 30 44 478 861 Cash paid (101) (33) (7) (189) (146) (476) Reversals (83) – (1) (9) (255) (348) Exchange and other movements – – (24) (3) (25) (52) At 31 December 2024 275 105 166 859 785 2,190 2024 2023 2022 $m $m $m Due within one year 1,269 1,028 722 Due after more than one year 921 1,127 896 Total 2,190 2,155 1,618

Post-retirement pension and o_2

Post-retirement pension and other defined benefit schemes (Tables)	12 Months Ended
	Dec. 31, 2024
Post-retirement pension and other defined benefit schemes
Schedule of financial assumptions for major defined benefit schemes	2023 UK US Sweden Rest of Group 1 Inflation assumption 3.1 % – 1.6 % 2.2 % Rate of increase in salaries – 3 – 3.1 % 3.7 % Rate of increase in pensions in payment 2.9 % – 1.6 % 2.2 % Discount rate – defined benefit obligation 4.6 % 4.7 % 3.3 % 3.3 % Discount rate – interest cost 4.6 % 4.7 % 3.3 % 3.3 % Discount rate – service cost 4.5 % n/a 3.3 % 3.3 % 2024 UK Sweden Rest of Group 1 Inflation assumption 3.2 % 2 1.8 % 2.1 % Rate of increase in salaries – 3 3.3 % 3.6 % Rate of increase in pensions in payment 3.0 % 1.8 % 2.1 % Discount rate – defined benefit obligation 4 5.5 % 3.5 % 3.5 % Discount rate – interest cost 5 5.4 % 3.4 % 3.5 % Discount rate – service cost 5 5.5 % 3.5 % 3.5 % 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 2024 2044 2023 2043 2024 2044 2023 2043 UK 22.1 23.1 22.1 23.1 23.7 24.8 23.7 24.8 Sweden 21.8 24.1 21.8 23.6 23.9 26.3 23.9 26.0
Schedule of risks associated with the Company's defined benefit pensions	Risk Description Mitigation 1 Asset pricing 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 44% of the UK Pension Fund is exposed to growth assets, including global investments, most of which are not sterling dominated. 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 and risk budget. The Trustee invests in a suitably diversified range of asset classes with different return drivers and investment managers. Investment strategy will evolve to further improve the expected risk/return profile as opportunities arise and funding solvency improves. The Trustee has hedged approximately 89% of unintended non-sterling, overseas currency risk within the UK Pension Fund assets. 2 Interest rate A decrease in corporate bond yields will increase the present value placed on the DBO under IAS 19. 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 2024 (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 included in the yield curve to set the DBO discount rate on an IAS 19 basis (AA corporate bonds). As such, there remains mismatching risk on an IAS 19 basis should yields on gilts diverge compared to AA corporate bonds. 3 Inflation 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 and is approximately 98% hedged as a percentage of assets at the end of 2024 (versus a target of 100%). 4 Longevity 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 circa 70 years. The swap currently covers approximately 8,000 of the UK Pension Fund’s pensioners, equivalent to $ 2.2 bn of Pension Fund liability. A one-year increase in life expectancy would result in a $ 178 m increase in Pension Fund obligations, which would be partially offset by a $ 89 m increase in the value of the longevity swap and hence the pension fund assets. 5 Cash flow and liquidity 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’. As at the end of 2024, the buffer is well above recommended regulatory guidelines and the minimum thresholds, and can be quickly supplemented in an orderly manner. At 31 December 2024, 8% of assets are invested in a 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 and when attractive pricing points present.
Schedule of fair values of scheme assets	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 2024 UK Sweden Rest of Group Total Quoted Unquoted Quoted Unquoted Quoted Unquoted Quoted Unquoted Total $m $m $m $m $m $m $m $m $m Government bonds 1 1,884 – – – 45 – 1,929 – 1,929 Corporate bonds 2 352 – – – 6 – 358 – 358 Derivatives 3 – (355) – 475 – – – 120 120 Investment funds: Listed Equities 4 – 374 – – 38 23 38 397 435 Investment funds: Absolute Return/Multi Strategy 4 – 1,051 – 420 5 7 5 1,478 1,483 Investment funds: Corporate Bonds/Credit 4 – 601 – 159 182 19 182 779 961 Cash and cash equivalents 32 336 – 2 2 2 34 340 374 Other – – – – (6) 194 (6) 194 188 Total fair value of scheme assets 5 2,268 2,007 – 1,056 272 245 2,540 3,308 5,848 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 swaps, equity total return swaps and other contracts. More detail is given in the section Risks associated with the Group’s defined benefit pension plans on page 186. Valuations are determined by independent third parties. 4 Investment Funds are pooled, commingled vehicles, whereby the pension plan owns units in the fund, alongside other investors. The pension plans 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 (actively managed 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 (2023: $ nil ).
Schedule of scheme obligations, net deficit (surplus), fair value of scheme assets and movements	Scheme obligations 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) 2024 UK Sweden Rest of Group Total $m $m $m $m Present value of scheme obligations in respect of: Active membership (200) (543) (481) (1,224) Deferred membership (667) (393) (197) (1,257) Pensioners (3,725) (572) (301) (4,598) Total value of scheme obligations (4,592) (1,508) (979) (7,079) Net (deficit)/surplus in the scheme 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 (Note 14) – 66 – 26 1 92 Included in Retirement benefit obligations (402) (60) (534) (524) (1,520) (402) 6 (534) (498) (1,428) 2024 UK Sweden Rest of Group Total $m $m $m $m Total fair value of scheme assets 4,275 1,056 517 5,848 Total value of scheme obligations (4,592) (1,508) (979) (7,079) Deficit in the scheme as recognised in the Consolidated Statement of Financial Position (317) (452) (462) (1,231) Included in Non-current other receivables (Note 14) – – 99 2 99 Included in Retirement benefit obligations (317) (452) (561) (1,330) (317) (452) (462) (1,231) 1 Surpluses were recognised in Ireland and Belgium. 2 Surpluses were recognised in the US, Ireland and Belgium. Fair value of scheme assets 2024 2023 UK Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m At beginning of year 4,759 1,068 652 6,479 4,573 1,008 946 503 7,030 Interest income on scheme assets 214 33 15 262 229 22 38 11 300 Expenses (5) – – (5) (9) (1) – (1) (11) Actuarial (losses)/gains (370) 55 – (315) (59) 2 37 (45) (65) Exchange and other adjustments (67) (98) (20) (185) 262 (1) 48 20 329 Employer contributions 66 50 50 166 65 35 46 42 188 Participant contributions 1 – 12 13 1 4 – 7 12 Benefits paid (323) (52) (76) (451) (303) (68) (47) (45) (463) Settlements 1 – – (116) (116) – (841) – – (841) Scheme assets’ fair value at end of year 4,275 1,056 517 5,848 4,759 160 1,068 492 6,479 1 The 2024 settlement is the buyout of post-retirement pension plans in Norway and the Netherlands. Movement in post-retirement scheme obligations 2024 2023 UK Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m Present value of obligations in scheme at beginning of year (5,161) (1,602) (1,144) (7,907) (4,801) (1,022) (1,312) (973) (8,108) Current service cost (6) (26) (40) (72) (6) (2) (13) (35) (56) Past service (cost)/credit (2) (8) 1 (9) 12 – (2) 2 12 Participant contributions (1) – (12) (13) (1) (4) – (7) (12) Benefits paid 323 52 76 451 303 68 47 45 463 Interest expense on post-retirement scheme obligations (231) (47) (34) (312) (239) (22) (50) (27) (338) Actuarial gains/(losses) 416 (23) 2 395 (155) (12) (202) 28 (341) Exchange and other adjustments 70 146 56 272 (274) 1 (70) (34) (377) Settlements 1 – – 116 116 – 839 – 11 850 Present value of obligations in scheme at end of year (4,592) (1,508) (979) (7,079) (5,161) (154) (1,602) (990) (7,907) 1 The 2024 settlement is the buyout of post-retirement pension plans in Norway and the Netherlands. 2024 2023 UK Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m Funded – pension schemes 1 (4,582) (1,505) (717) (6,804) (5,151) – (1,599) (868) (7,618) Funded – post-retirement healthcare – – (78) (78) – (94) – – (94) Unfunded – pension schemes 1 – (3) (167) (170) – (60) (3) (113) (176) Unfunded – post-retirement healthcare (10) – (17) (27) (10) – – (9) (19) Total (4,592) (1,508) (979) (7,079) (5,161) (154) (1,602) (990) (7,907) 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	2024 2023 UK Sweden Rest of Group Total UK US Sweden Rest of Group Total $m $m $m $m $m $m $m $m $m Operating profit Current service cost (6) (26) (40) (72) (6) (2) (13) (35) (56) Past service (cost)/credit (2) (8) 1 (9) 12 – (2) 2 12 Expenses (5) – – (5) (9) (1) – (1) (11) Total charge to Operating profit (13) (34) (39) (86) (3) (3) (15) (34) (55) Finance expense Interest income on scheme assets 214 33 15 262 229 22 38 11 300 Interest expense on post-retirement scheme obligations (231) (47) (34) (312) (239) (22) (50) (27) (338) Net interest on post-employment defined benefit plan liabilities (17) (14) (19) (50) (10) – (12) (16) (38) Charge before taxation (30) (48) (58) (136) (13) (3) (27) (50) (93) Other comprehensive income Difference between the actual return and the expected return on the post-retirement scheme assets (370) 55 – (315) (59) 2 37 (45) (65) Experience gains/(losses) arising on the post-retirement scheme obligations 3 (33) (10) (40) (25) (2) (67) (13) (107) Changes in financial assumptions underlying the present value of the post-retirement scheme obligations 414 11 11 436 (142) (10) (135) 44 (243) Changes in demographic assumptions (1) (1) 1 (1) 12 – – (3) 9 Remeasurement of the defined benefit liability 46 32 2 80 (214) (10) (165) (17) (406)
Schedule of pension cost	2024 2023 $m $m Defined contribution plans 528 482 Defined benefit plans − Current service cost and Expenses 77 67 Defined benefit plans − Past service cost/(credit) 9 (12) Pension costs 614 537
Schedule of rate sensitivities of significant actuarial assumptions	2024 2023 +0.5% −0.5% +0.5% −0.5% Discount rate UK ($m) 219 (239) 269 (308) Sweden ($m) 110 (126) 109 (123) Total ($m) 329 (365) 378 (431) 2024 2023 +0.5% −0.5% +0.5% −0.5% Inflation rate 1 UK ($m) (148) 142 (189) 184 Sweden ($m) (119) 104 (116) 104 Total ($m) (267) 246 (305) 288 2024 2023 +0.5% −0.5% +0.5% −0.5% Rate of increase in salaries UK ($m) n/a n/a n/a n/a Sweden ($m) (46) 43 (46) 42 Total ($m) (46) 43 (46) 42 2024 2023 +1 year −1 year +1 year −1 year Mortality rate UK ($m) (178) 2 175 3 (214) 212 Sweden ($m) (74) 54 (51) 51 Total ($m) (252) 229 (265) 263 1 Rate of increase in pensions in payment follows inflation. 2 3

Reserves (Tables)

Reserves (Tables)	12 Months Ended
Reserves (Tables)	Dec. 31, 2024
Reserves
Reconciliation of reserves	2024 2023 2022 $m $m $m Cumulative translation differences included within Retained earnings At 1 January (3,014) (3,694) (1,934) Foreign exchange arising on consolidation (957) 608 (1,446) Exchange adjustments on goodwill (recorded against other reserves) (15) 4 (24) Foreign exchange arising on designated liabilities in net investment hedges 1 (122) 24 (282) Fair value movements on derivatives designated in net investment hedges 39 44 (8) Net exchange movement in Retained earnings (1,055) 680 (1,760) At 31 December (4,069) (3,014) (3,694) 1 Foreign exchange arising on designated liabilities in net investment hedges includes $ 59 m in respect of designated bonds and $ (181) m in respect of designated contingent consideration and other liabilities. The change in value of designated contingent consideration liabilities relates to $(180) m in respect of BMS’ share of Global Diabetes Alliance.

Share capital (Tables)

Share capital (Tables)	12 Months Ended
Share capital (Tables)	Dec. 31, 2024
Share capital.
Summary of classes of share capital	Allotted, called-up and fully paid 2024 2023 2022 $m $m $m Issued Ordinary Shares ($0.25 each) 388 388 387 Redeemable Preference Shares (£1 each – £50,000) – – – At 31 December 388 388 387
Summary of movement of ordinary shares	No. of shares 2024 2023 2022 At 1 January 1,550,162,626 1,549,800,030 1,549,400,665 Issue of shares (share schemes) 383,613 362,596 399,365 At 31 December 1,550,546,239 1,550,162,626 1,549,800,030

Dividends to shareholders (Tabl

Dividends to shareholders (Tables)	12 Months Ended
Dividends to shareholders (Tables)	Dec. 31, 2024
Dividends to shareholders
Summary of dividends to shareholders	2024 2023 2022 2024 2023 2022 Per share Per share Per share $m $m $m Second interim (March 2024) $1.97 $1.97 $1.97 3,052 3,047 3,046 First interim (September 2024) $1.00 $0.93 $0.93 1,550 1,440 1,440 Total $2.97 $2.90 $2.90 4,602 4,487 4,486
Reconciliation of dividends paid	2024 2023 2022 $m $m $m Dividends charged to equity 4,602 4,487 4,486 Exchange losses on payment of dividend 3 5 5 Hedge contracts relating to payment of dividends (Consolidated Statement of Cash Flows) 16 (19) (127) Dividends paid to non-controlling interests 4 4 – Net movement of unclaimed dividends in the year 4 4 – Dividends paid (Consolidated Statement of Cash Flows) 4,629 4,481 4,364

Acquisitions of business oper_2

Acquisitions of business operations (Tables)	12 Months Ended
Acquisitions of business operations (Tables)	Dec. 31, 2024
Gracell
Disclosure of detailed information about business combination [line items]
Schedule of fair values in business combination	Fair value $m Intangible assets 1,038 Cash and cash equivalents 1 212 Net deferred tax liability (260) Other immaterial net balances (89) Total net assets acquired 901 Goodwill 136 Consideration 1,037 1 Cash and cash equivalents acquired includes $3 m relating to marketable securities.
Fusion
Disclosure of detailed information about business combination [line items]
Schedule of fair values in business combination	Fair value $m Intangible assets 1,326 Cash and cash equivalents 30 Current investments 87 Net deferred tax liability (246) Other immaterial net balances 51 Total net assets acquired 1,248 Goodwill 947 Consideration 2,195

Financial risk management obj_2

Financial risk management objectives and policies (Tables)	12 Months Ended
Financial risk management objectives and policies (Tables)	Dec. 31, 2024
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 liabilities 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 liabilities 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 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 liabilities payables instruments receivable payable instruments Total $m $m $m $m $m $m $m $m $m Within one year 345 3,045 396 22,501 26,287 (16,227) 16,282 55 26,342 In one to two years – 3,437 345 1,086 4,868 (207) 250 43 4,911 In two to three years – 3,670 266 105 4,041 (917) 956 39 4,080 In three to four years – 3,978 170 750 4,898 (941) 1,044 103 5,001 In four to five years – 3,780 117 – 3,897 (627) 489 (138) 3,759 In more than five years – 19,929 406 – 20,335 (2,437) 2,583 146 20,481 345 37,839 1,700 24,442 64,326 (21,356) 21,604 248 64,574 Effect of interest (15) (9,173) – – (9,188) 808 (1,068) (260) (9,448) Effect of discounting, fair values and issue costs – (153) (248) (207) (608) 36 (95) (59) (667) 31 December 2024 330 28,513 1,452 24,235 54,530 (20,512) 20,441 (71) 54,459
Schedule of market risk	2024 2023 2022 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 2,346 330 2,676 2,885 2,515 5,400 2,476 3,066 5,542 Non-current 26,151 1,468 27,619 23,222 – 23,222 21,511 2,179 23,690 Total 28,497 1,798 30,295 26,107 2,515 28,622 23,987 5,245 29,232 Financial assets Fixed deposits – – – – – – 64 – 64 Cash collateral pledged to counterparties – 129 129 – 102 102 – 162 162 Cash and cash equivalents – 5,488 5,488 – 5,840 5,840 250 5,916 6,166 Total – 5,617 5,617 – 5,942 5,942 314 6,078 6,392
Schedule of market risk on equity securities	2024 2023 2022 $m $m $m Equity securities at fair value through Other comprehensive income (Note 12) 1,632 1,530 1,056 Non-current fixed income securities at fair value through profit or loss (Note 12) – – 10 Total 1,632 1,530 1,066
Schedule of foreign currency risk	Interest rates Exchange rates 31 December 2022 +1% −1% +10% −10% Increase/(decrease) in fair value of financial instruments ($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) ($m) – – 62 (83) Interest rates Exchange rates 31 December 2024 +1% −1% +10% −10% Increase/(decrease) in fair value of financial instruments ($m) 1,407 (1,561) 11 (20) Impact on profit: (loss)/gain ($m) – – (117) 133 Impact on equity: gain/(loss) ($m) – – 128 (152)
Schedule of offsetting of financial assets and liabilities	Related amounts not offset Gross financial Subject to master Financial Net assets/(liabilities) netting agreement instrument collateral Amount 31 December 2022 $m $m $m $m Financial assets Derivatives 161 (29) (61) 71 Other investments 1 162 – (161) 1 Total assets 323 (29) (222) 72 Financial liabilities Derivatives (257) 29 161 (67) Other payables 1 (89) – 61 (28) Total liabilities (346) 29 222 (95) Related amounts not offset Gross financial Subject to master Financial Net assets/(liabilities) netting agreement instrument collateral Amount 31 December 2023 $m $m $m $m Financial assets Derivatives 344 (107) (203) 34 Other investments 1 102 – (65) 37 Total assets 446 (107) (268) 71 Financial liabilities Derivatives (194) 107 65 (22) Other payables 1 (215) – 203 (12) Total liabilities (409) 107 268 (34) Related amounts not offset Gross financial Subject to master Financial Net assets/(liabilities) netting agreement instrument collateral Amount 31 December 2024 $m $m $m $m Financial assets Derivatives 236 (45) (169) 22 Other investments 1 129 – (112) 17 Total assets 365 (45) (281) 39 Financial liabilities Derivatives (165) 45 112 (8) Other payables 1 (181) – 169 (12) Total liabilities (346) 45 281 (20) 1 Balances are collateral pledged/received.
Schedule of the movement in provisions for trade receivables	2024 2023 2022 $m $m $m At 1 January 45 59 23 Net movement recognised in the Consolidated Statement of Comprehensive Income (3) (14) 37 Amounts utilised, exchange and other movements (9) – (1) At 31 December 33 45 59
Schedule of Group's continuing hedge relationships	The following table represents the Group’s continuing designated hedge relationships under IFRS 9. 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 − short-term FX risk 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 5 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 1, 3, 4 Cross-currency interest rate swaps – Euro bonds EUR 3,200m 49 34 (210) 139 (37) 2027 1.10 USD 3.80% FX Forwards − short-term FX risk USD 2,009m 15 12 (33) 6 (15) 2024 – – Net investment hedge – foreign exchange risk 2, 3 Transactions matured pre-2023 – (527) – – (527) – – – Cross-currency interest rate swap – JPY investment JPY 58.3bn 100 (55) (45) – (100) 2029 108.03 JPY 1.53% Cross-currency interest rate swap – CNY investment CNY 458m (1) 4 (3) – 1 2026 6.68 CNY 4.80% Foreign currency borrowing – GBP investment GBP 350m 444 (288) 24 – (264) 2031 n/a GBP 5.75% Foreign currency borrowing – EUR investment 5 EUR 800m 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 1,937m (1,937) 2,216 (81) – 2,135 – – – 2024 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 2024 to OCI statement 2024 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 2,300 m (36) (37) 151 (180) (66) 2029 1.08 USD 4.24% FX Forwards − USD 2,252 m 4 (15) 8 3 (4) 2025 – – Net investment hedge – foreign exchange risk 2, 3 Transactions matured pre-2024 – (527) – – (527) – – – Cross-currency interest rate swap – JPY investment JPY 58.3 bn 146 (100) (45) – (145) 2029 108.03 JPY 1.53% Cross-currency interest rate swap – CNY investment CNY 458 m 2 1 (4) – (3) 2026 6.68 CNY 4.80% Foreign currency borrowing – GBP investment GBP 350 m 438 (264) (7) – (271) 2031 n/a GBP 5.75% Foreign currency borrowing – EUR investment 5 EUR 800 m 829 (69) (52) – (121) 2029 n/a EUR 0.38% Contingent consideration liabilities and Acerta Pharma share purchase liability – AZUK and AZAB USD investments USD 1,367 m (1,367) 2,135 181 – 2,316 – – – 1 Hedge ineffectiveness recognised on swaps designated in a cash flow hedge during the period was $ nil (2023: $ nil ; 2022: $ nil ). 2 Hedge ineffectiveness recognised on swaps designated in a net investment hedge during the period was $ nil (2023: $ nil ; 2022: $ nil ). 3 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. 4 Nominal amount of FX forwards in a cash flow hedge of $2,252 m represents the USD equivalent notional of the FX forwards. By currency, the nominal amounts were SEK 10,792 m at FX rate 10.9999 , JPY 31,013 m at 156.195 , GBP 168 m at 0.7962 and EUR 375 m at 0.9605 . All FX forwards in a cash flow hedge mature on 27 January 2025. 5 The EUR 800 m 0.375% 2029 Non-callable bond is designated in a net investment hedge of the foreign currency exposure in relation to an equivalent amount of EUR-denominated net assets.
Schedule of hedge ineffectiveness	Change in fair value Change in fair value Hedge Nominal of hedging instrument of hedged item ineffectiveness amounts in used to calculate used to calculate recognised in As at 31 December 2024 currency ineffectiveness ineffectiveness profit and loss Interest rate and foreign currency risk on finance debt EUR 1,400 m (56) 54 (2)
Credit risk assets
Financial risk
Schedule of credit risk	Current assets 2024 2023 2022 $m $m $m Cash at bank and in hand 1,215 1,325 1,411 Money market liquidity funds 4,177 4,425 4,486 Other short-term cash equivalents 96 90 269 Total Cash and cash equivalents (Note 17) 5,488 5,840 6,166 Fixed income securities at fair value through profit or loss (Note 12) 37 20 13 Cash collateral pledged to counterparties (Note 12) 129 102 162 Fixed deposits (Note 12) – – 64 Total derivative financial instruments (Note 13) 54 116 87 Current assets subject to credit risk 5,708 6,078 6,492 Non-current assets 2024 2023 2022 $m $m $m Derivative financial instruments (Note 13) 182 228 74 Non-current assets subject to credit risk 182 228 74
Trade receivables
Financial risk
Schedule of credit risk	0-90 days 90-180 days Over 180 days 31 December 2022 Current past due past due past due Total Expected loss rate 0.03 % 0.3 % 32.0 % 40.6 % Gross carrying amount ($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 ($m) 1 1 1 42 45 0-90 days 90-180 days Over 180 days 31 December 2024 Current past due past due past due Total Expected loss rate 0.01 % 0.6 % 3.5 % 7.0 % Gross carrying amount ($m) 7,679 171 86 399 8,335 Loss allowance ($m) 1 1 3 28 33

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, 2024
Employee costs and share plans for employees
Schedules of employee numbers	2024 2023 2022 Employees UK 11,100 10,700 9,800 Rest of Europe 25,500 23,000 20,600 The Americas 24,700 22,400 20,900 Asia, Africa & Australasia 31,600 30,300 30,700 Continuing operations 92,900 86,400 82,000
Schedule of employee costs	2024 2023 2022 $m $m $m Wages and salaries 10,340 9,341 8,656 Social security costs 1,224 1,100 991 Pension costs 614 537 546 Other employment costs 1,531 1,357 1,338 Total 13,709 12,335 11,531
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 2022 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 Granted 1,064 2,250 1,262 7,014 100 699 – – Forfeited (137) (400) (235) (1,414) (8) (57) (31) – Cancelled (2) (2) – (6) (1) – – – Exercised (999) (1,586) (755) (3,296) (88) (352) (22) – Outstanding at 31 December 2024 3,571 6,150 3,169 16,166 338 1,057 162 247 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 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 WAFV of 2024 grants 9028 57.99 10085 64.91 11111 75.23 – – 1 Weighted average fair value.

Commitments, contingent liabi_2

Commitments, contingent liabilities and contingent assets (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments, contingent liabilities and contingent assets
Schedule of commitments	2024 2023 2022 Commitments $m $m $m Contracts placed for future capital expenditure on Property, plant and equipment and 1,575 1,368 502
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 11,213 1,993 2,823 3,291 3,106 Future potential revenue milestone payments 22,064 41 1,166 3,026 17,831

Statutory and other informati_2

Statutory and other information (Tables)	12 Months Ended
Statutory and other information (Tables)	Dec. 31, 2024
Statutory and other information
Schedule of auditor's remuneration	2024 2023 2022 $m $m $m Fees payable to PricewaterhouseCoopers LLP and its associates: Group audit fee 10.6 10.2 9.9 Fees payable to PricewaterhouseCoopers LLP and its associates for other services: The audit of subsidiaries pursuant to legislation 14.8 15.0 15.1 Attestation under s404 of Sarbanes-Oxley Act 2002 3.5 3.3 3.1 Audit-related assurance services 2.2 1.1 0.7 Other assurance services 0.3 0.2 0.2 Fees payable to PricewaterhouseCoopers Associates in respect of the Group’s pension schemes: The audit of subsidiaries’ pension schemes 0.4 0.3 0.3 31.8 30.1 29.3
Schedule of key management personnel compensation	2024 2023 2022 $’000 $’000 $’000 Short-term employee benefits 40,893 38,636 38,632 Post-employment benefits 1,045 1,354 1,388 Share-based payments 49,121 58,242 56,297 91,059 98,232 96,317

Group Accounting Policies - Bas

Group Accounting Policies - Basis of accounting and preparation of financial information - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Alliance Revenue	$ 2,212	$ 1,428	$ 755
Borrowings	$ 30,295	$ 28,622	$ 29,232

Group Accounting Policies - Add

Group Accounting Policies - Additional disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Group Accounting Policies
Financial resources	$ 10,400,000
Cash and cash equivalents	5,488,000	$ 5,840,000	$ 6,166,000
Undrawn committed bank facilities	4,875,000
Borrowings	30,295,000	28,622,000	29,232,000
Intangible assets	$ 37,177,000	$ 38,089,000	$ 39,307,000
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	2,700,000
Due April 2029
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Revenue from product sales	$ 50,938	$ 43,789	$ 42,998
US
Revenues
Revenue from product sales	$ 21,655	$ 17,961	$ 17,254
Rebate, returns and chargebacks (as a percent)	0.60%	1%	1.30%
Emerging Markets
Revenues
Revenue from product sales	$ 13,535	$ 11,751	$ 11,634
Europe
Revenues
Revenue from product sales	10,848	9,029	8,264
Rest of World
Revenues
Revenue from product sales	4,900	5,048	5,846
Total Oncology
Revenues
Revenue from product sales	20,275	17,145	14,631
Total Oncology \| US
Revenues
Revenue from product sales	9,510	7,719	6,484
Total Oncology \| Emerging Markets
Revenues
Revenue from product sales	4,502	3,828	3,537
Total Oncology \| Europe
Revenues
Revenue from product sales	4,082	3,332	2,726
Total Oncology \| Rest of World
Revenues
Revenue from product sales	2,181	2,266	1,884
Tagrisso
Revenues
Revenue from product sales	6,580	5,799	5,444
Tagrisso \| US
Revenues
Revenue from product sales	2,763	2,276	2,007
Tagrisso \| Emerging Markets
Revenues
Revenue from product sales	1,755	1,621	1,567
Tagrisso \| Europe
Revenues
Revenue from product sales	1,301	1,120	1,023
Tagrisso \| Rest of World
Revenues
Revenue from product sales	761	782	847
Imfinzi
Revenues
Revenue from product sales	4,717	4,019	2,771
Imfinzi \| US
Revenues
Revenue from product sales	2,603	2,171	1,539
Imfinzi \| Emerging Markets
Revenues
Revenue from product sales	479	355	287
Imfinzi \| Europe
Revenues
Revenue from product sales	948	742	544
Imfinzi \| Rest of World
Revenues
Revenue from product sales	687	751	401
Calquence
Revenues
Revenue from product sales	3,129	2,514	2,057
Calquence \| US
Revenues
Revenue from product sales	2,190	1,815	1,657
Calquence \| Emerging Markets
Revenues
Revenue from product sales	153	98	45
Calquence \| Europe
Revenues
Revenue from product sales	656	493	286
Calquence \| Rest of World
Revenues
Revenue from product sales	130	108	69
Lynparza
Revenues
Revenue from product sales	3,072	2,811	2,638
Lynparza \| US
Revenues
Revenue from product sales	1,332	1,254	1,226
Lynparza \| Emerging Markets
Revenues
Revenue from product sales	655	542	488
Lynparza \| Europe
Revenues
Revenue from product sales	832	734	655
Lynparza \| Rest of World
Revenues
Revenue from product sales	253	281	269
Enhertu
Revenues
Revenue from product sales	545	261	79
Enhertu \| Emerging Markets
Revenues
Revenue from product sales	350	169	51
Enhertu \| Europe
Revenues
Revenue from product sales	126	60	21
Enhertu \| Rest of World
Revenues
Revenue from product sales	69	32	7
Zoladex
Revenues
Revenue from product sales	1,058	952	927
Zoladex \| US
Revenues
Revenue from product sales	16	14	15
Zoladex \| Emerging Markets
Revenues
Revenue from product sales	795	687	657
Zoladex \| Europe
Revenues
Revenue from product sales	148	133	133
Zoladex \| Rest of World
Revenues
Revenue from product sales	99	118	122
Imjudo
Revenues
Revenue from product sales	281	218	13
Imjudo \| US
Revenues
Revenue from product sales	180	146	13
Imjudo \| Emerging Markets
Revenues
Revenue from product sales	16	5
Imjudo \| Europe
Revenues
Revenue from product sales	36	16
Imjudo \| Rest of World
Revenues
Revenue from product sales	49	51
Truqap
Revenues
Revenue from product sales	430	6
Truqap \| US
Revenues
Revenue from product sales	408	6
Truqap \| Emerging Markets
Revenues
Revenue from product sales	2
Truqap \| Europe
Revenues
Revenue from product sales	12
Truqap \| Rest of World
Revenues
Revenue from product sales	8
Orpathys
Revenues
Revenue from product sales	44	44	33
Orpathys \| Emerging Markets
Revenues
Revenue from product sales	44	44	33
Oncology, Others
Revenues
Revenue from product sales	419	521	669
Oncology, Others \| US
Revenues
Revenue from product sales	18	37	27
Oncology, Others \| Emerging Markets
Revenues
Revenue from product sales	253	307	409
Oncology, Others \| Europe
Revenues
Revenue from product sales	23	34	64
Oncology, Others \| Rest of World
Revenues
Revenue from product sales	125	143	169
CVRM
Revenues
Revenue from product sales	12,448	10,585	9,188
CVRM \| US
Revenues
Revenue from product sales	3,075	2,752	2,479
CVRM \| Emerging Markets
Revenues
Revenue from product sales	5,339	4,586	4,119
CVRM \| Europe
Revenues
Revenue from product sales	3,270	2,503	1,906
CVRM \| Rest of World
Revenues
Revenue from product sales	764	744	684
Farxiga
Revenues
Revenue from product sales	7,656	5,963	4,381
Farxiga \| US
Revenues
Revenue from product sales	1,750	1,451	1,071
Farxiga \| Emerging Markets
Revenues
Revenue from product sales	2,853	2,211	1,665
Farxiga \| Europe
Revenues
Revenue from product sales	2,634	1,881	1,297
Farxiga \| Rest of World
Revenues
Revenue from product sales	419	420	348
Brilinta
Revenues
Revenue from product sales	1,333	1,324	1,358
Brilinta \| US
Revenues
Revenue from product sales	751	744	744
Brilinta \| Emerging Markets
Revenues
Revenue from product sales	294	285	286
Brilinta \| Europe
Revenues
Revenue from product sales	268	271	282
Brilinta \| Rest of World
Revenues
Revenue from product sales	20	24	46
Crestor
Revenues
Revenue from product sales	1,153	1,107	1,048
Crestor \| US
Revenues
Revenue from product sales	46	55	65
Crestor \| Emerging Markets
Revenues
Revenue from product sales	934	862	794
Crestor \| Europe
Revenues
Revenue from product sales	37	52	41
Crestor \| Rest of World
Revenues
Revenue from product sales	136	138	148
Seloken/Toprol-XL
Revenues
Revenue from product sales	605	640	862
Seloken/Toprol-XL \| US
Revenues
Revenue from product sales		1
Seloken/Toprol-XL \| Emerging Markets
Revenues
Revenue from product sales	589	621	839
Seloken/Toprol-XL \| Europe
Revenues
Revenue from product sales	13	11	14
Seloken/Toprol-XL \| Rest of World
Revenues
Revenue from product sales	3	7	9
Lokelma
Revenues
Revenue from product sales	542	412	289
Lokelma \| US
Revenues
Revenue from product sales	256	214	170
Lokelma \| Emerging Markets
Revenues
Revenue from product sales	86	50	20
Lokelma \| Europe
Revenues
Revenue from product sales	92	58	30
Lokelma \| Rest of World
Revenues
Revenue from product sales	108	90	69
Roxadustat
Revenues
Revenue from product sales	331	271	197
Roxadustat \| Emerging Markets
Revenues
Revenue from product sales	331	271	197
This member represents Andexxa.
Revenues
Revenue from product sales	219	182	150
This member represents Andexxa. \| US
Revenues
Revenue from product sales	81	75	77
This member represents Andexxa. \| Emerging Markets
Revenues
Revenue from product sales	3
This member represents Andexxa. \| Europe
Revenues
Revenue from product sales	80	62	41
This member represents Andexxa. \| Rest of World
Revenues
Revenue from product sales	55	45	32
Wainua
Revenues
Revenue from product sales	85
Wainua \| US
Revenues
Revenue from product sales	85
CVRM, Others
Revenues
Revenue from product sales	524	686	903
CVRM, Others \| US
Revenues
Revenue from product sales	106	212	352
CVRM, Others \| Emerging Markets
Revenues
Revenue from product sales	249	286	318
CVRM, Others \| Europe
Revenues
Revenue from product sales	146	168	201
CVRM, Others \| Rest of World
Revenues
Revenue from product sales	23	20	32
Total Respiratory & Immunology
Revenues
Revenue from product sales	7,416	6,107	5,765
Total Respiratory & Immunology \| US
Revenues
Revenue from product sales	3,416	2,547	2,655
Total Respiratory & Immunology \| Emerging Markets
Revenues
Revenue from product sales	1,897	1,771	1,443
Total Respiratory & Immunology \| Europe
Revenues
Revenue from product sales	1,416	1,164	1,054
Total Respiratory & Immunology \| Rest of World
Revenues
Revenue from product sales	687	625	613
Symbicort
Revenues
Revenue from product sales	2,879	2,362	2,538
Symbicort \| US
Revenues
Revenue from product sales	1,187	726	973
Symbicort \| Emerging Markets
Revenues
Revenue from product sales	805	753	608
Symbicort \| Europe
Revenues
Revenue from product sales	559	549	582
Symbicort \| Rest of World
Revenues
Revenue from product sales	328	334	375
Fasenra
Revenues
Revenue from product sales	1,689	1,553	1,396
Fasenra \| US
Revenues
Revenue from product sales	1,049	992	906
Fasenra \| Emerging Markets
Revenues
Revenue from product sales	92	64	43
Fasenra \| Europe
Revenues
Revenue from product sales	404	355	305
Fasenra \| Rest of World
Revenues
Revenue from product sales	144	142	142
Pulmicort
Revenues
Revenue from product sales	682	713	645
Pulmicort \| US
Revenues
Revenue from product sales	6	28	65
Pulmicort \| Emerging Markets
Revenues
Revenue from product sales	568	575	462
Pulmicort \| Europe
Revenues
Revenue from product sales	71	68	69
Pulmicort \| Rest of World
Revenues
Revenue from product sales	37	42	49
Breztri
Revenues
Revenue from product sales	978	677	398
Breztri \| US
Revenues
Revenue from product sales	516	383	239
Breztri \| Emerging Markets
Revenues
Revenue from product sales	245	161	92
Breztri \| Europe
Revenues
Revenue from product sales	143	81	33
Breztri \| Rest of World
Revenues
Revenue from product sales	74	52	34
Tezspire
Revenues
Revenue from product sales	248	86	4
Tezspire \| Emerging Markets
Revenues
Revenue from product sales	11	1
Tezspire \| Europe
Revenues
Revenue from product sales	156	48	2
Tezspire \| Rest of World
Revenues
Revenue from product sales	81	37	2
Saphnelo
Revenues
Revenue from product sales	474	280	116
Saphnelo \| US
Revenues
Revenue from product sales	425	260	111
Saphnelo \| Emerging Markets
Revenues
Revenue from product sales	7	2
Saphnelo \| Europe
Revenues
Revenue from product sales	26	8	2
Saphnelo \| Rest of World
Revenues
Revenue from product sales	16	10	3
Airsupra
Revenues
Revenue from product sales	66	2
Airsupra \| US
Revenues
Revenue from product sales	66	2
Respiratory and immunology, Others
Revenues
Revenue from product sales	400	434	668
Respiratory and immunology, Others \| US
Revenues
Revenue from product sales	167	156	361
Respiratory and immunology, Others \| Emerging Markets
Revenues
Revenue from product sales	169	215	238
Respiratory and immunology, Others \| Europe
Revenues
Revenue from product sales	57	55	61
Respiratory and immunology, Others \| Rest of World
Revenues
Revenue from product sales	7	8	8
Vaccines & Immune Therapies
Revenues
Revenue from product sales	1,058	1,012	4,736
Vaccines & Immune Therapies \| US
Revenues
Revenue from product sales	280	109	1,168
Vaccines & Immune Therapies \| Emerging Markets
Revenues
Revenue from product sales	213	212	1,316
Vaccines & Immune Therapies \| Europe
Revenues
Revenue from product sales	409	396	1,027
Vaccines & Immune Therapies \| Rest of World
Revenues
Revenue from product sales	156	295	1,225
Synagis
Revenues
Revenue from product sales	447	546	578
Synagis \| US
Revenues
Revenue from product sales			1
Revenue from product sales, net of returns	(8)	(1)
Synagis \| Emerging Markets
Revenues
Revenue from product sales	210	195	173
Synagis \| Europe
Revenues
Revenue from product sales	116	175	213
Synagis \| Rest of World
Revenues
Revenue from product sales	129	177	191
Beyfortus
Revenues
Revenue from product sales	318	106
Beyfortus \| US
Revenues
Revenue from product sales	232	87
Beyfortus \| Europe
Revenues
Revenue from product sales	84	19
Beyfortus \| Rest of World
Revenues
Revenue from product sales	2
FluMist
Revenues
Revenue from product sales	258	216	175
FluMist \| US
Revenues
Revenue from product sales	28	23	21
FluMist \| Emerging Markets
Revenues
Revenue from product sales	1	1	1
FluMist \| Europe
Revenues
Revenue from product sales	204	188	151
FluMist \| Rest of World
Revenues
Revenue from product sales	25	4	2
COVID-19 mAbs
Revenues
Revenue from product sales	31	132	2,185
COVID-19 mAbs \| US
Revenues
Revenue from product sales	28		1,067
COVID-19 mAbs \| Emerging Markets
Revenues
Revenue from product sales		6	413
COVID-19 mAbs \| Europe
Revenues
Revenue from product sales	3	12	298
COVID-19 mAbs \| Rest of World
Revenues
Revenue from product sales		114	407
Vaccines & Immune Therapies, Others
Revenues
Revenue from product sales	4	12	1,798
Vaccines & Immune Therapies, Others \| US
Revenues
Revenue from product sales			79
Vaccines & Immune Therapies, Others \| Emerging Markets
Revenues
Revenue from product sales	2	10	729
Vaccines & Immune Therapies, Others \| Europe
Revenues
Revenue from product sales	2	2	365
Vaccines & Immune Therapies, Others \| Rest of World
Revenues
Revenue from product sales			625
Total Rare Disease
Revenues
Revenue from product sales	8,668	7,764	7,053
Total Rare Disease \| US
Revenues
Revenue from product sales	5,263	4,701	4,324
Total Rare Disease \| Emerging Markets
Revenues
Revenue from product sales	849	623	431
Total Rare Disease \| Europe
Revenues
Revenue from product sales	1,568	1,529	1,428
Total Rare Disease \| Rest of World
Revenues
Revenue from product sales	988	911	870
Ultomiris
Revenues
Revenue from product sales	3,924	2,965	1,965
Ultomiris \| US
Revenues
Revenue from product sales	2,261	1,750	1,136
Ultomiris \| Emerging Markets
Revenues
Revenue from product sales	141	71	38
Ultomiris \| Europe
Revenues
Revenue from product sales	884	668	481
Ultomiris \| Rest of World
Revenues
Revenue from product sales	638	476	310
Soliris
Revenues
Revenue from product sales	2,588	3,145	3,762
Soliris \| US
Revenues
Revenue from product sales	1,523	1,734	2,180
Soliris \| Emerging Markets
Revenues
Revenue from product sales	443	424	301
Soliris \| Europe
Revenues
Revenue from product sales	416	670	805
Soliris \| Rest of World
Revenues
Revenue from product sales	206	317	476
Strensiq
Revenues
Revenue from product sales	1,416	1,152	958
Strensiq \| US
Revenues
Revenue from product sales	1,167	937	769
Strensiq \| Emerging Markets
Revenues
Revenue from product sales	54	40	35
Strensiq \| Europe
Revenues
Revenue from product sales	99	89	78
Strensiq \| Rest of World
Revenues
Revenue from product sales	96	86	76
Koselugo
Revenues
Revenue from product sales	531	331	208
Koselugo \| US
Revenues
Revenue from product sales	212	195	162
Koselugo \| Emerging Markets
Revenues
Revenue from product sales	177	59	26
Koselugo \| Europe
Revenues
Revenue from product sales	103	53	20
Koselugo \| Rest of World
Revenues
Revenue from product sales	39	24
Kanuma
Revenues
Revenue from product sales	209	171	160
Kanuma \| US
Revenues
Revenue from product sales	100	85	77
Kanuma \| Emerging Markets
Revenues
Revenue from product sales	34	29	31
Kanuma \| Europe
Revenues
Revenue from product sales	66	49	44
Kanuma \| Rest of World
Revenues
Revenue from product sales	9	8	8
Total Other medicines
Revenues
Revenue from product sales	1,073	1,176	1,625
Total Other medicines \| US
Revenues
Revenue from product sales	111	133	144
Total Other medicines \| Emerging Markets
Revenues
Revenue from product sales	735	731	788
Total Other medicines \| Europe
Revenues
Revenue from product sales	103	105	123
Total Other medicines \| Rest of World
Revenues
Revenue from product sales	124	207	570
Nexium
Revenues
Revenue from product sales	867	945	1,285
Nexium \| US
Revenues
Revenue from product sales	96	115	120
Nexium \| Emerging Markets
Revenues
Revenue from product sales	591	578	568
Nexium \| Europe
Revenues
Revenue from product sales	60	53	46
Nexium \| Rest of World
Revenues
Revenue from product sales	120	199	551
Other, Others
Revenues
Revenue from product sales	206	231	340
Other, Others \| US
Revenues
Revenue from product sales	15	18	24
Other, Others \| Emerging Markets
Revenues
Revenue from product sales	144	153	220
Other, Others \| Europe
Revenues
Revenue from product sales	43	52	77
Other, Others \| Rest of World
Revenues
Revenue from product sales	$ 4	$ 8	$ 19
Product sales excluding Rare Disease \| US
Revenues
Rebate, returns and chargebacks (as a percent)	0.80%	1.40%	1.60%
Medicaid and state programmes excluding rare disease therapy \| US
Revenues
Rebate, returns and chargebacks (as a percent)	0.10%	0.40%	0.60%
Managed Care and Medicare excluding rare disease therapy \| US
Revenues
Rebate, returns and chargebacks (as a percent)	0.70%	0.70%	1.10%
Regulatory Medicaid and state programmes \| US
Revenues
Rebate, returns and chargebacks (as a percent)	0.10%	0.30%	0.50%
Contractual Managed-care and Medicare \| US
Revenues
Rebate, returns and chargebacks (as a percent)	0.60%	0.50%	0.80%

Revenue - Alliance revenue (Det

Revenue - Alliance revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Alliance Revenue	$ 2,212	$ 1,428	$ 755
Enhertu
Revenue
Alliance Revenue	1,437	1,022	523
Tezspire
Revenue
Alliance Revenue	436	259	79
Beyfortus
Revenue
Alliance Revenue	237	57
Vaxzevria, royalties
Revenue
Alliance Revenue			76
Other royalty income
Revenue
Alliance Revenue	91	81	68
Other Alliance Revenue
Revenue
Alliance Revenue	$ 11	$ 9	$ 9

Revenue - Collaboration revenue

Revenue - Collaboration revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Collaboration Revenue	$ 923	$ 594	$ 598
Lynparza: sales milestones
Revenues
Collaboration Revenue	600
Beyfortus: sales milestones
Revenues
Collaboration Revenue	167	27
Koselugo: sales milestones
Revenues
Collaboration Revenue	100
Farxiga: sales milestones
Revenues
Collaboration Revenue	$ 56	29
Lynparza: regulatory milestones
Revenues
Collaboration Revenue		245	355
COVID-19 mAbs: licence fees
Revenues
Collaboration Revenue		180
Beyfortus: regulatory milestones
Revenues
Collaboration Revenue		71	25
tralokinumab: sales milestones
Revenues
Collaboration Revenue		20	110
Nexium: sale of rights
Revenues
Collaboration Revenue			62
Other Collaboration Revenue
Revenues
Collaboration Revenue		$ 22	$ 46

Operating profit - Other operat

Operating profit - Other operating income and expense (Details) - USD ($) $ in Millions	12 Months Ended			72 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Operating profit, other operating income and expense
Cost of inventories recognised as expense during period	$ 7,001	$ 6,038	$ 9,618
Research and development expense	13,583	10,935	9,762
Total other operating income and expense	252	1,340	514
Other payables	1,124	1,446	1,975	$ 1,124
Movement in profit-participation liability		190
Financial liabilities	30,295	28,622	29,232	30,295
Waltham site
Operating profit, other operating income and expense
Net (losses)/gains on disposal of other non-current assets			125
Selling, general and administrative costs
Operating profit, other operating income and expense
Legal proceedings provision	48	1,013	789
Other operating income and expense
Operating profit, other operating income and expense
Royalty income	103	107	59
Gains on disposal of intangible assets	64	251	104
Net (losses)/gains on disposal of other non-current assets	(4)	41	112
Update to the contractual relationships for Beyfortus		712
Other income	210	393	439
Other expense	(121)	(164)	(200)
Total other operating income and expense	252	1,340	514
Research and development expense
Operating profit, other operating income and expense
Government grants	0	74	113
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	(260)	(520)	(182)
Alexion Pharmaceuticals, Inc. \| Cost of sales
Operating profit, other operating income and expense
Charge relating to release of fair value uplifts on inventory	0	114	3,484
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	0	112
Vaxzevria
Operating profit, other operating income and expense
Government grants	0	74	1
Brazikumab
Operating profit, other operating income and expense
Other income	$ 0	75	138
Beyfortus
Operating profit, other operating income and expense
Movement in profit-participation liability		190		$ 400
Profit participation liability			$ 522
Beyfortus \| Other operating income and expense
Operating profit, other operating income and expense
Gain on extinguishment of profit participation liability		$ 712

Operating profit - Restructurin

Operating profit - Restructuring costs (Details) - USD ($) $ in Millions	12 Months Ended			48 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Restructuring programmes
Total charge	$ 1,154	$ 467	$ 717
Impairment loss (reversal of impairment loss) on property, plant and equipment included in restructuring costs	43	7	(4)
Impairment loss (reversal of impairment loss) on right of use assets included in restructuring costs	7	13	0
Impairment loss (reversal of impairment loss) on intangible assets included in restructuring costs	0	0	(17)
Severance costs
Restructuring programmes
Total charge	213	57	187
Accelerated depreciation and impairment
Restructuring programmes
Total charge	64	68	135
Other restructuring
Restructuring programmes
Total charge	877	342	395
Other restructuring \| Andexxa
Restructuring programmes
Total charge	480
Post Alexion Acquisition Group Review restructuring programme
Restructuring programmes
Total charge	1,115			$ 3,182
Cost of sales
Restructuring programmes
Total charge	569	109	266
Cost of sales \| Rationalisation of manufacturing capacity and footprint
Restructuring programmes
Total charge	529
Distribution expense
Restructuring programmes
Total charge			2
Research and development expense
Restructuring programmes
Total charge	275	212	111
Research and development expense \| Transformation of clinical, regulatory and other R&D data and systems
Restructuring programmes
Total charge	275
Selling, general and administrative costs
Restructuring programmes
Total charge	312	207	405
Selling, general and administrative costs \| HR, Finance, IT, other integration and severance costs
Restructuring programmes
Total charge	312
Other operating income and expense
Restructuring programmes
Reversal of provisions for cost of restructuring	$ (2)	$ (61)	$ (67)

Operating profit - Financial in

Operating profit - Financial instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating profit
(Losses)/gains on forward foreign exchange contracts	$ (81)	$ 42	$ 150
(Losses)/gains on receivables and payables	(143)	(260)	(203)
Total	$ (224)	$ (218)	$ (53)

Finance income and expense - Ne

Finance income and expense - Net finance expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finance income
Returns on deposits and equity securities	$ 339	$ 291	$ 78
Fair value gains on debt and interest rate swaps	113	43	14
Interest income on income tax balances	6	10	3
Total	458	344	95
Finance expense
Interest on debt, leases and other financing costs	(1,391)	(1,132)	(889)
Net interest on post-employment defined benefit plan net liabilities	(50)	(38)	(29)
Net exchange losses	(42)	(34)	(16)
Discount unwind on contingent consideration arising from business combinations	(113)	(132)	(168)
Discount unwind on other long-term liabilities	(116)	(200)	(216)
Fair value losses on debt and interest rate swaps	(18)	(3)
Interest expense on income tax balances	(12)	(87)	(28)
Total	(1,742)	(1,626)	(1,346)
Net finance expense	(1,284)	(1,282)	(1,251)
Interest capitalised during the year	0
Discount unwind on other payables	(91)	(100)	0
Acerta Pharma
Finance expense
Discount unwind on other long-term liabilities	$ 0	$ (55)	$ (108)

Finance income and expense - Fi

Finance income and expense - Financial instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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	$ 107	$ 13	$ (9)
Interest and changes in carrying values of debt designated as hedged items in fair value hedges, net of derivatives	(38)
Interest and fair value changes on fixed and short-term deposits, equity securities, other derivatives and tax balances	306	177	54
Interest on debt, commercial paper, overdrafts and lease liabilities held at amortised cost	(1,251)	(1,004)	(837)
Fair value gains on debt and interest rate swaps	113	43	14
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	0	(1)	(25)
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	$ 0	$ 7	$ 26

Taxation - Comprehensive income

Taxation - Comprehensive income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current tax
Current year	$ 2,314	$ 2,417	$ 1,823
Pillar Two income tax charge	238
Adjustment to prior years	(107)	28	(187)
Total	2,445	2,445	1,636
Deferred tax
Origination and reversal of temporary differences	(818)	(1,473)	(2,563)
Adjustment to prior years	23	(34)	135
Total	(795)	(1,507)	(2,428)
Taxation charge/(credit) recognised in the profit for the year	1,650	938	(792)
Items that will not be reclassified to profit and loss:
Remeasurement of the defined benefit liability	(23)	102	(231)
Equity investments measured at fair value through Other comprehensive income	(20)	(1)	15
Total	(43)	101	(216)
Items that may be reclassified subsequently to profit and loss:
Foreign exchange arising on designated liabilities in net investment hedges	28	(24)	73
Fair value movement on cash flow hedges	(3)	12
Total	25	(12)	73
Taxation (charge)/credit recognised in Other comprehensive income	$ 18	$ (89)	$ 143

Taxation - Reconciliation (Deta

Taxation - Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
Taxation - Reconciliation (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Taxation
Reported tax rate (as a percentage)	19%
One-time adjustment to deferred tax due to internal reorganisation			$ 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
Income tax paid	$ 2,750
Temporary differences associated with investments in subsidiaries and branches, deferred tax liabilities have not been recognised	$ 7,586
Tax rate (as a percentage)	25%	23.50%	19%
Profit/(loss) before tax	$ 8,691	$ 6,899	$ 2,501
Notional taxation charge at UK corporation tax rate of 23.5% (2022: 19%; 2021: 19%)	2,173	1,621	475
Differences in effective overseas tax rates	(60)	(224)	(59)
Deferred tax credit relating to change in tax rates	(24)	(66)	(108)
Unrecognised deferred tax asset	104	341	68
Items not deductible for tax purposes	64	46	90
Intellectual Property incentive regimes	(561)	(367)	(265)
Pillar Two income taxes	238
Other items	(200)	(406)	(941)
Adjustments to prior periods	(84)	(7)	(52)
Taxation charge/(credit) recognised in the profit for the year	1,650	938	(792)
Decrease in deferred tax liability through goodwill previously not determined to be tax deductible	1,900
Deferred tax liabilities	3,305	$ 2,844	$ 2,944
Temporary differences for which there is a corresponding deductible temporary difference [Member]
Taxation
Temporary differences associated with investments in subsidiaries and branches, deferred tax liabilities have not been recognised	3,585
Temporary differences on goodwill
Taxation
Deferred tax liabilities	$ 500

Taxation - Movements in deferre

Taxation - Movements in deferred tax balance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Taxation
Balance at the beginning of the period	$ 1,874	$ 319	$ (1,876)
Income statement	795	1,507	2,428
Other comprehensive income	(8)	67	(143)
Equity	(28)	(21)	38
Additions	(477)	25
Exchange	(114)	(23)	(128)
Balance at the end of the period	2,042	1,874	319
Net deferred tax asset	7,201	7,222	6,711
Movements in deferred tax assets	168
Credit arising from increase in UK Corporation tax rate	$ 24	$ 66	$ 108
UK corporation tax rate	25%	23.50%	19%
One-time adjustment to deferred tax due to internal reorganisation			$ 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	$ 1,597
UNITED KINGDOM \| Maximum
Taxation
Forecasted tax loss utilisation period	5 years
UNITED STATES
Taxation
Net deferred tax asset	$ 122
UNITED STATES \| Maximum
Taxation
Forecasted tax loss utilisation period	10 years
Intangibles, Property, plant & equipment
Taxation
Balance at the beginning of the period	$ (2,491)	(3,931)	(5,480)
Income statement	803	1,518	1,414
Other comprehensive income	34	(16)	72
Additions	(605)	(24)
Exchange	93	(38)	63
Balance at the end of the period	(2,166)	(2,491)	(3,931)
Net deferred tax asset	1,781	1,883	1,499
Contingent consideration liabilities in respect of intangibles
Taxation
Balance at the end of the period	384
Lease liabilities in respect of right-of-use assets
Taxation
Balance at the end of the period	221
Elimination of unrealised profit on inventory
Taxation
Balance at the beginning of the period	2,386	2,024	1,861
Income statement	238	426	274
Exchange	(152)	(64)	(111)
Balance at the end of the period	2,472	2,386	2,024
Net deferred tax asset	2,472	2,386	2,048
Untaxed reserves
Taxation
Balance at the beginning of the period	(660)	(716)	(862)
Income statement	(186)	96	38
Exchange	68	(40)	108
Balance at the end of the period	(778)	(660)	(716)
Losses and tax credits carried forward
Taxation
Balance at the beginning of the period	1,106	1,258	1,518
Income statement	36	(308)	(126)
Additions	127	50
Exchange	(70)	106	(134)
Balance at the end of the period	1,199	1,106	1,258
Net deferred tax asset	1,221	1,141	1,274
Accrued expenses
Taxation
Balance at the beginning of the period	889	880	85
Income statement	74	(23)	778
Additions	2
Exchange	(40)	32	17
Balance at the end of the period	925	889	880
Net deferred tax asset	1,039	1,011	1,005
Other
Taxation
Balance at the beginning of the period	644	804	1,002
Income statement	(170)	(202)	50
Other comprehensive income	(42)	83	(215)
Equity	(28)	(21)	38
Additions	(1)	(1)
Exchange	(13)	(19)	(71)
Balance at the end of the period	390	644	804
Net deferred tax asset	$ 688	$ 801	$ 885

Taxation - Net deferred tax bal

Taxation - Net deferred tax balance (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Taxation
Net deferred tax asset	$ 7,201	$ 7,222	$ 6,711
Net deferred tax liabilities	(5,159)	(5,348)	(6,392)
Deferred tax assets	5,347	4,718	3,263
Deferred tax liabilities	(3,305)	(2,844)	(2,944)
Net deferred tax balance	2,042	1,874	319	$ (1,876)
Intangibles, Property, plant & equipment
Taxation
Net deferred tax asset	1,781	1,883	1,499
Net deferred tax liabilities	(3,947)	(4,374)	(5,430)
Net deferred tax balance	(2,166)	(2,491)	(3,931)	(5,480)
Elimination of unrealised profit on inventory
Taxation
Net deferred tax asset	2,472	2,386	2,048
Net deferred tax liabilities			(24)
Net deferred tax balance	2,472	2,386	2,024	1,861
Untaxed reserves
Taxation
Net deferred tax liabilities	(778)	(660)	(716)
Net deferred tax balance	(778)	(660)	(716)	(862)
Losses and tax credits carried forward
Taxation
Net deferred tax asset	1,221	1,141	1,274
Net deferred tax liabilities	(22)	(35)	(16)
Net deferred tax balance	1,199	1,106	1,258	1,518
Accrued expenses
Taxation
Net deferred tax asset	1,039	1,011	1,005
Net deferred tax liabilities	(114)	(122)	(125)
Net deferred tax balance	925	889	880	85
Other
Taxation
Net deferred tax asset	688	801	885
Net deferred tax liabilities	(298)	(157)	(81)
Net deferred tax balance	$ 390	$ 644	$ 804	$ 1,002

Taxation - Unrecognised deferre

Taxation - Unrecognised deferred tax assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	$ 1,523	$ 1,251	$ 807
Temporary differences expiring
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	899	649	221
Deductible temporary differences for which no deferred tax asset is recognised	4,261	3,028	943
Temporary differences expiring \| Within 10 years
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	37	22	26
Deductible temporary differences for which no deferred tax asset is recognised	161	87	104
Temporary differences expiring \| More than 10 years
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	46	32	32
Deductible temporary differences for which no deferred tax asset is recognised	217	153	153
Temporary differences expiring \| Indefinite
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	816	595	163
Deductible temporary differences for which no deferred tax asset is recognised	3,883	2,788	686
Tax credits and State tax losses expiring
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	624	602	586
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	162	152	115
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	373	363	384
Tax credits and State tax losses expiring \| Indefinite
Taxation
Deferred tax assets not recognised due to deductible temporary differences not probable to benefit entity	$ 89	$ 87	$ 87

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings per $0.25 Ordinary Share
Profit for the year attributable to equity holders ($m)	$ 7,035	$ 5,955	$ 3,288
Basic earnings per Ordinary Share (in dollars per share)	$ 4.54	$ 3.84	$ 2.12
Diluted earnings per Ordinary Share (in dollars per share)	$ 4.5	$ 3.81	$ 2.11
Weighted average number of Ordinary Shares in issue for basic earnings (millions)	1,550	1,549	1,548
Dilutive impact of share options outstanding (millions)	13	13	12
Diluted weighted average number of Ordinary Shares in issue (millions)	1,563	1,562	1,560

Segment information - Geographi

Segment information - Geographical areas (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of geographical location
Number of reportable segments \| segment	1
Revenue	$ 54,073	$ 45,811	$ 44,351
UNITED KINGDOM
Disclosure of geographical location
Revenue	4,740	3,368	3,117
Outside the UK
Disclosure of geographical location
Revenue	49,333	42,443	41,234
Rest of Europe
Disclosure of geographical location
Revenue	11,703	9,725	8,909
FRANCE
Disclosure of geographical location
Revenue	1,283	1,152	1,107
GERMANY
Disclosure of geographical location
Revenue	2,524	2,099	1,902
ITALY
Disclosure of geographical location
Revenue	949	813	735
SPAIN
Disclosure of geographical location
Revenue	994	847	738
SWEDEN
Disclosure of geographical location
Revenue	2,290	1,704	1,721
Others, Europe
Disclosure of geographical location
Revenue	3,663	3,110	2,706
The Americas
Disclosure of geographical location
Revenue	24,989	20,771	19,619
CANADA
Disclosure of geographical location
Revenue	937	967	1,166
US
Disclosure of geographical location
Revenue	21,806	18,121	17,278
Other Americas excluding US and Canada
Disclosure of geographical location
Revenue	2,246	1,683	1,175
Asia, Africa And Australasia
Disclosure of geographical location
Revenue	12,641	11,947	12,706
AUSTRALIA
Disclosure of geographical location
Revenue	439	390	571
CHINA
Disclosure of geographical location
Revenue	6,419	5,872	5,743
JAPAN
Disclosure of geographical location
Revenue	3,452	3,640	3,986
Other Asia, Africa and Australasia excluding Australia, China and Japan
Disclosure of geographical location
Revenue	$ 2,331	$ 2,045	$ 2,406

Segment information - Operating

Segment information - Operating profit (loss) and assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of geographical location
Operating profit/(loss)	$ 10,003	$ 8,193	$ 3,757
Profit before tax	8,691	6,899	2,501
Non-current assets	70,264	68,965	68,863
Total assets	104,035	101,119	96,483
Assets acquired	8,126	4,624	3,295
Net operating assets	65,128	62,346	61,774
UNITED KINGDOM
Disclosure of geographical location
Operating profit/(loss)	2,680	665	1,120
Profit before tax	1,349	(577)	272
Non-current assets	8,699	8,626	8,208
Total assets	20,139	19,616	16,786
Assets acquired	582	812	2,301
Net operating assets	7,173	5,275	3,863
Rest of Europe
Disclosure of geographical location
Operating profit/(loss)	5,924	4,885	2,945
Profit before tax	6,057	4,999	2,709
Non-current assets	30,654	32,905	34,301
Total assets	37,884	40,638	40,669
Assets acquired	2,225	1,770	522
Net operating assets	30,852	32,920	32,726
The Americas
Disclosure of geographical location
Operating profit/(loss)	423	1,495	(954)
Profit before tax	318	1,328	(1,140)
Non-current assets	28,730	26,524	25,425
Total assets	38,544	34,754	32,990
Assets acquired	3,925	1,925	421
Net operating assets	24,501	22,746	23,290
Asia, Africa And Australasia
Disclosure of geographical location
Operating profit/(loss)	976	1,148	646
Profit before tax	967	1,149	660
Non-current assets	2,181	910	929
Total assets	7,468	6,111	6,038
Assets acquired	1,394	117	51
Net operating assets	$ 2,602	$ 1,405	$ 1,895

Segment information - Property,

Segment information - Property, plant and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Disclosure of geographical location
Property, plant and equipment	$ 8,507	$ 10,252	$ 9,402
Decrease in non-current assets due to exclusion of certain financial assets and post-employment benefit assets	1,690
UNITED KINGDOM
Disclosure of geographical location
Property, plant and equipment	2,526	2,847	2,831
IRELAND
Disclosure of geographical location
Property, plant and equipment	1,040	1,323	1,164
SWEDEN
Disclosure of geographical location
Property, plant and equipment	1,472	1,692	1,678
US
Disclosure of geographical location
Property, plant and equipment	2,176	2,856	2,371
Rest of the world
Disclosure of geographical location
Property, plant and equipment	$ 1,293	$ 1,534	$ 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, 2024 USD ($) customer	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer
Disclosure of geographical location
Product Sales	$ 50,938	$ 43,789	$ 42,998
Number of significant wholesalers \| customer	1	1	1
UNITED KINGDOM
Disclosure of geographical location
Product Sales	$ 1,314	$ 978	$ 996
Rest of Europe
Disclosure of geographical location
Product Sales	10,686	8,201	7,503
The Americas
Disclosure of geographical location
Product Sales	25,081	20,855	20,126
Asia, Africa And Australasia
Disclosure of geographical location
Product Sales	13,857	13,755	14,373
Customer one
Disclosure of geographical location
Product Sales	$ 7,567	$ 6,513	$ 5,387

Property, plant and equipment_2

Property, plant and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, plant and equipment
Balance at the beginning period	$ 9,402	$ 8,507
Balance at the end period	10,252	9,402	$ 8,507
Cost
Property, plant and equipment
Balance at the beginning period	17,218	15,649	17,008
Additions through business combinations	18	12
Capital expenditure	1,995	1,454	1,066
Transferred to Assets held for sale			(727)
Disposals and other movements	(355)	(272)	(543)
Exchange adjustments	(653)	375	(1,155)
Balance at the end period	18,223	17,218	15,649
Depreciation and impairment
Property, plant and equipment
Balance at the beginning period	(7,816)	(7,142)	(7,825)
Depreciation charge for the year	799	733	852
Impairment (reversal)/charge	42	8
Transferred to Assets held for sale			577
Disposals and other movements	340	233	387
Exchange adjustments	346	(166)	571
Balance at the end period	(7,971)	(7,816)	(7,142)
Land and buildings
Property, plant and equipment
Balance at the beginning period	3,704	2,951
Balance at the end period	3,724	3,704	2,951
Land and buildings \| Cost
Property, plant and equipment
Balance at the beginning period	6,469	5,440	6,377
Additions through business combinations	1	2
Capital expenditure	27	9	5
Transfer of assets into use	312	(959)	226
Transferred to Assets held for sale			(434)
Disposals and other movements	(44)	(6)	(425)
Exchange adjustments	(185)	65	(309)
Balance at the end period	6,580	6,469	5,440
Land and buildings \| Depreciation and impairment
Property, plant and equipment
Balance at the beginning period	(2,765)	(2,489)	(2,877)
Depreciation charge for the year	231	241	286
Impairment (reversal)/charge		4	20
Transferred to Assets held for sale			300
Disposals and other movements	39	13	227
Exchange adjustments	101	(44)	167
Balance at the end period	(2,856)	(2,765)	(2,489)
Freeholds
Property, plant and equipment
Balance at the beginning period	2,976	2,555
Balance at the end period	3,329	2,976	2,555
Leaseholds
Property, plant and equipment
Balance at the beginning period	728	396
Balance at the end period	395	728	396
Plant and equipment
Property, plant and equipment
Balance at the beginning period	3,653	2,903
Balance at the end period	3,739	3,653	2,903
Plant and equipment \| Cost
Property, plant and equipment
Balance at the beginning period	8,704	7,556	7,903
Additions through business combinations	15	10
Capital expenditure	63	43	19
Transfer of assets into use	729	(1,158)	683
Transferred to Assets held for sale			(293)
Disposals and other movements	(271)	(255)	(146)
Exchange adjustments	(386)	192	(610)
Balance at the end period	8,854	8,704	7,556
Plant and equipment \| Depreciation and impairment
Property, plant and equipment
Balance at the beginning period	(5,051)	(4,653)	(4,948)
Depreciation charge for the year	568	492	566
Impairment (reversal)/charge	(7)	4	8
Transferred to Assets held for sale			277
Disposals and other movements	252	220	188
Exchange adjustments	245	(122)	404
Balance at the end period	(5,115)	(5,051)	(4,653)
Assets in course of construction
Property, plant and equipment
Balance at the beginning period	2,045	2,653
Balance at the end period	2,789	2,045	2,653
Assets in course of construction \| Cost
Property, plant and equipment
Balance at the beginning period	2,045	2,653	2,728
Additions through business combinations	2
Capital expenditure	1,905	1,402	1,042
Transfer of assets into use	(1,041)	2,117	(909)
Disposals and other movements	(40)	(11)	28
Exchange adjustments	(82)	118	(236)
Balance at the end period	2,789	$ 2,045	2,653
Assets in course of construction \| Depreciation and impairment
Property, plant and equipment
Impairment (reversal)/charge	49		(28)
Disposals and other movements	$ 49		$ (28)

Leases - Right-of-use assets (D

Leases - Right-of-use assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Right-of-use assets
Balance - beginning of period	$ 1,100	$ 942
Balance - end of period	1,395	1,100	$ 942
Cost
Right-of-use assets
Balance - beginning of period	1,883	1,543	1,487
Additions through business combinations	20	8	4
Additions - separately acquired	692	444	235
Disposals and other movements	(218)	(130)	(104)
Exchange adjustments	(78)	18	(79)
Balance - end of period	2,299	1,883	1,543
Depreciation and impairment
Right-of-use assets
Balance - beginning of period	(783)	(601)	(499)
Depreciation charge for the year	343	275	246
Impairment charge	7	14	2
Disposals and other movements	192	116	114
Exchange adjustments	37	(9)	32
Balance - end of period	(904)	(783)	(601)
Land and buildings
Right-of-use assets
Balance - beginning of period	803	771
Balance - end of period	942	803	771
Land and buildings \| Cost
Right-of-use assets
Balance - beginning of period	1,352	1,182	1,133
Additions through business combinations	20	8	4
Additions - separately acquired	332	220	140
Disposals and other movements	(73)	(71)	(33)
Exchange adjustments	(43)	13	(62)
Balance - end of period	1,588	1,352	1,182
Land and buildings \| Depreciation and impairment
Right-of-use assets
Balance - beginning of period	(549)	(411)	(326)
Depreciation charge for the year	183	170	160
Impairment charge	7	14	2
Disposals and other movements	71	53	54
Exchange adjustments	22	(7)	23
Balance - end of period	(646)	(549)	(411)
Motor vehicles
Right-of-use assets
Balance - beginning of period	280	153
Balance - end of period	427	280	153
Motor vehicles \| Cost
Right-of-use assets
Balance - beginning of period	495	329	321
Additions - separately acquired	342	219	81
Disposals and other movements	(140)	(57)	(58)
Exchange adjustments	(33)	4	(15)
Balance - end of period	664	495	329
Motor vehicles \| Depreciation and impairment
Right-of-use assets
Balance - beginning of period	(215)	(176)	(154)
Depreciation charge for the year	151	98	80
Disposals and other movements	115	61	50
Exchange adjustments	14	(2)	8
Balance - end of period	(237)	(215)	(176)
Other assets
Right-of-use assets
Balance - beginning of period	17	18
Balance - end of period	26	17	18
Other assets \| Cost
Right-of-use assets
Balance - beginning of period	36	32	33
Additions - separately acquired	18	5	14
Disposals and other movements	(5)	(2)	(13)
Exchange adjustments	(2)	1	(2)
Balance - end of period	47	36	32
Other assets \| Depreciation and impairment
Right-of-use assets
Balance - beginning of period	(19)	(14)	(19)
Depreciation charge for the year	9	7	6
Disposals and other movements	6	2	10
Exchange adjustments	1		1
Balance - end of period	$ (21)	$ (19)	$ (14)

Leases - Lease Liability (Detai

Leases - Lease Liability (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Present value of lease liabilities
Lease liabilities	$ (1,452)	$ (1,128)	$ (953)
Due within one year
Present value of lease liabilities
Lease liabilities	(339)	(271)	(228)
Later than one year and not later than five years
Present value of lease liabilities
Lease liabilities	(825)	(657)	(549)
In more than five years
Present value of lease liabilities
Lease liabilities	$ (288)	$ (200)	$ (176)

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about leases not yet commenced
Interest expense on lease liabilities	$ 61	$ 33	$ 24
Cash outflow for leases	377	301	268
Property, plant and equipment	10,252	9,402	8,507
Cash proceeds from disposal of property, plant and equipment	55	132	282
Lease liabilities	1,452	1,128	953
Right-of-use assets	1,395	1,100	942
UNITED STATES
Disclosure of quantitative information about leases not yet commenced
Property, plant and equipment	2,856	2,371	2,176
Leases committed to and not yet commenced
Disclosure of quantitative information about leases not yet commenced
Nominal value of estimated future lease payments	1,515
Property leases not yet commenced \| UNITED STATES
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	$ 3,724	3,704	2,951
Right-of-use assets	$ 942	$ 803	771
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in goodwill
Beginning balance	$ 20,048	$ 19,820
Ending balance	21,025	20,048	$ 19,820
Goodwill impairment	0
Cost
Disclosure of reconciliation of changes in goodwill
Beginning balance	20,361	20,131	20,311
Additions through business combinations	1,083	158	15
Exchange and other adjustments	(109)	72	(195)
Ending balance	21,335	20,361	20,131
Amortisation and impairment losses
Disclosure of reconciliation of changes in goodwill
Beginning balance	(313)	(311)	(314)
Exchange and other adjustments	3	(2)	3
Ending balance	$ (310)	$ (313)	$ (311)

Intangible assets - Reconciliat

Intangible assets - Reconciliation of changes in intangible assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in intangible assets
Beginning balance	$ 38,089	$ 39,307
Amortisation for year	3,923	3,926	$ 4,156
Impairment reversals		0	(94)
Ending balance	37,177	38,089	39,307
Cost
Disclosure of reconciliation of changes in intangible assets
Beginning balance	73,489	70,622	70,633
Additions through business combinations	2,364	100	46
Additions, separately acquired	2,666	2,900	2,168
Disposals	(579)	(683)	(198)
Exchange and other adjustments	(1,027)	550	(2,027)
Ending balance	76,913	73,489	70,622
Amortisation and impairment losses
Disclosure of reconciliation of changes in intangible assets
Beginning balance	(35,400)	(31,315)	(28,141)
Amortisation for year	3,923	3,926	4,156
Impairment charges	1,582	434	318
Impairment reversals	(8)		(94)
Disposals	569	679	180
Exchange and other adjustments	592	(404)	1,026
Ending balance	(39,736)	(35,400)	(31,315)
Product, marketing and distribution rights
Disclosure of reconciliation of changes in intangible assets
Beginning balance	36,941	38,393
Amortisation for year	3,761	3,771	3,899
Ending balance	35,734	36,941	38,393
Product, marketing and distribution rights \| Cost
Disclosure of reconciliation of changes in intangible assets
Beginning balance	69,207	66,785	66,590
Additions through business combinations	2,308	65
Additions, separately acquired	2,226	2,530	2,051
Disposals	(294)	(669)	(57)
Exchange and other adjustments	(964)	496	(1,799)
Ending balance	72,483	69,207	66,785
Product, marketing and distribution rights \| Amortisation and impairment losses
Disclosure of reconciliation of changes in intangible assets
Beginning balance	(32,266)	(28,392)	(25,276)
Amortisation for year	3,761	3,771	3,899
Impairment charges	1,577	434	236
Impairment reversals	(8)		(77)
Disposals	286	667	55
Exchange and other adjustments	561	(336)	887
Ending balance	(36,749)	(32,266)	(28,392)
Other intangibles
Disclosure of reconciliation of changes in intangible assets
Beginning balance	646	497
Amortisation for year	78	75	181
Ending balance	771	646	497
Other intangibles \| Cost
Disclosure of reconciliation of changes in intangible assets
Beginning balance	2,707	2,442	2,611
Additions through business combinations	56	35	46
Additions, separately acquired	150	200	12
Disposals			(105)
Exchange and other adjustments	(13)	30	(122)
Ending balance	2,900	2,707	2,442
Other intangibles \| Amortisation and impairment losses
Disclosure of reconciliation of changes in intangible assets
Beginning balance	(2,061)	(1,945)	(1,863)
Amortisation for year	78	75	181
Impairment charges	3		82
Disposals			105
Exchange and other adjustments	13	(41)	76
Ending balance	(2,129)	(2,061)	(1,945)
Software development costs
Disclosure of reconciliation of changes in intangible assets
Beginning balance	502	417
Amortisation for year	84	80	76
Ending balance	672	502	417
Software development costs \| Cost
Disclosure of reconciliation of changes in intangible assets
Beginning balance	1,575	1,395	1,432
Additions, separately acquired	290	170	105
Disposals	(285)	(14)	(36)
Exchange and other adjustments	(50)	24	(106)
Ending balance	1,530	1,575	1,395
Software development costs \| Amortisation and impairment losses
Disclosure of reconciliation of changes in intangible assets
Beginning balance	(1,073)	(978)	(1,002)
Amortisation for year	84	80	76
Impairment charges	2
Impairment reversals			(17)
Disposals	283	12	20
Exchange and other adjustments	18	(27)	63
Ending balance	$ (858)	$ (1,073)	$ (978)

Intangible assets - Net book va

Intangible assets - Net book values (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in intangible assets
Total intangible assets other than goodwill	$ 37,177	$ 38,089	$ 39,307
Product, marketing and distribution rights
Disclosure of reconciliation of changes in intangible assets
Total intangible assets other than goodwill	35,734	36,941	38,393
Additions through deferred payments and other non-cash consideration, intangible assets other than goodwill	$ 365	$ 625	$ 1,135

Intangible assets - Summary of

Intangible assets - Summary of amortisation charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	$ 3,923	$ 3,926	$ 4,156
Cost of sales
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	33	32	32
Research and development expense.
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	25	28	30
Selling, general and administrative costs
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	3,865	3,866	4,094
Product, marketing and distribution rights
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	3,761	3,771	3,899
Product, marketing and distribution rights \| Cost of sales
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	32	32	32
Product, marketing and distribution rights \| Research and development expense.
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	3
Product, marketing and distribution rights \| Selling, general and administrative costs
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	3,726	3,739	3,867
Other intangibles
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	78	75	181
Other intangibles \| Cost of sales
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	1
Other intangibles \| Research and development expense.
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	22	28	30
Other intangibles \| Selling, general and administrative costs
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	55	47	151
Software development costs
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	84	80	76
Software development costs \| Selling, general and administrative costs
Disclosure of reconciliation of changes in intangible assets
Amortisation, intangible assets	$ 84	$ 80	$ 76

Intangible assets - Net impairm

Intangible assets - Net impairment charges (reversals) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Impairment of intangible assets
Net impairment charges (reversals)		$ 1,574	$ 434	$ 224
Carrying value	$ 37,177	$ 37,177	$ 38,089	$ 39,307
Post-tax weighted average cost of capital	7.50%	7.50%	7.50%	7%
Reversal of impairment loss, intangible assets other than goodwill			$ 0	$ 94
Minimum
Impairment of intangible assets
Discount rate applied to cash flow projections	7.50%	7.50%
Maximum
Impairment of intangible assets
Discount rate applied to cash flow projections	9.50%	9.50%
Research and development expense.
Impairment of intangible assets
Net impairment charges (reversals)		$ 1,065	417	95
Selling, general and administrative costs
Impairment of intangible assets
Net impairment charges (reversals)		509	17	129
Launched products
Impairment of intangible assets
Impairment charges		504	17	146
Andexxa
Impairment of intangible assets
Impairment charges		504
Carrying value	$ 0	$ 0
Discount rate applied to cash flow projections	7.50%	7.50%
Products in development
Impairment of intangible assets
Impairment charges		$ 1,073	417	172
Reversal of impairment loss, intangible assets other than goodwill		8		77
Products in development \| ALXN1840
Impairment of intangible assets
Impairment charges			244
vemircopan
Impairment of intangible assets
Impairment charges		753
FPI-2059
Impairment of intangible assets
Impairment charges	$ 165	165
Products in development other than ALXN2050 and FPI-2059
Impairment of intangible assets
Impairment charges		155
Product, marketing and distribution rights
Impairment of intangible assets
Net impairment charges (reversals)		1,569	434	159
Carrying value	35,734	35,734	36,941	38,393
Product, marketing and distribution rights \| Research and development expense.
Impairment of intangible assets
Net impairment charges (reversals)		1,065	417	95
Product, marketing and distribution rights \| Selling, general and administrative costs
Impairment of intangible assets
Net impairment charges (reversals)		504	17	64
Other intangibles
Impairment of intangible assets
Net impairment charges (reversals)		3		82
Carrying value	771	771	646	497
Other intangibles \| Selling, general and administrative costs
Impairment of intangible assets
Net impairment charges (reversals)		3		82
Software development costs
Impairment of intangible assets
Net impairment charges (reversals)		2		(17)
Carrying value	$ 672	672	$ 502	417
Software development costs \| Selling, general and administrative costs
Impairment of intangible assets
Net impairment charges (reversals)		$ 2		$ (17)

Intangible assets - Significant

Intangible assets - Significant intangible assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Acerta Pharma
Disclosure of intangible assets materials
Intangible assets material to entity	$ 3,853
Remaining amortisation period of intangible assets material to entity	8 years
ZS Pharma
Disclosure of intangible assets materials
Intangible assets material to entity	$ 1,548
Remaining amortisation period of intangible assets material to entity	7 years
Pearl Therapeutics
Disclosure of intangible assets materials
Intangible assets material to entity	$ 309
Pearl Therapeutics \| Minimum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	4 years
Pearl Therapeutics \| Maximum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	5 years
C5 franchise (Soliris/Ultomiris) \| Alexion
Disclosure of intangible assets materials
Intangible assets material to entity	$ 12,667
C5 franchise (Soliris/Ultomiris) \| Alexion \| Minimum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	3 years
C5 franchise (Soliris/Ultomiris) \| Alexion \| Maximum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	11 years
Strensiq and Kanuma \| Alexion
Disclosure of intangible assets materials
Intangible assets material to entity	$ 3,221
Strensiq and Kanuma \| Alexion \| Minimum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	8 years
Strensiq and Kanuma \| Alexion \| Maximum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	14 years
Products in development \| Icosavax, Inc
Disclosure of intangible assets materials
Intangible assets material to entity	$ 639
Products in development \| Amolyt Pharma
Disclosure of intangible assets materials
Intangible assets material to entity	768
Products in development \| Alexion
Disclosure of intangible assets materials
Intangible assets material to entity	1,913
Products in development \| Fusion
Disclosure of intangible assets materials
Intangible assets material to entity	1,161
Products in development \| Gracell
Disclosure of intangible assets materials
Intangible assets material to entity	983
Airsupra
Disclosure of intangible assets materials
Intangible assets material to entity	$ 500
Remaining amortisation period of intangible assets material to entity	10 years
MSD
Disclosure of intangible assets materials
Intangible assets material to entity	$ 375
MSD \| Minimum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	2 years
MSD \| Maximum
Disclosure of intangible assets materials
Remaining amortisation period of intangible assets material to entity	5 years
Daiichi Sankyo \| Enhertu
Disclosure of intangible assets materials
Intangible assets material to entity	$ 2,534
Remaining amortisation period of intangible assets material to entity	9 years
Daiichi Sankyo \| Datroway
Disclosure of intangible assets materials
Intangible assets material to entity	$ 974
Cincor Pharma Inc \| Baxdrostat
Disclosure of intangible assets materials
Intangible assets material to entity	790
Innate Pharma S.A. \| Monalizumab
Disclosure of intangible assets materials
Intangible assets material to entity	364
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments in associates and joint ventures
At 1 January	$ 147	$ 76	$ 69
Additions	158	80	26
Share of after tax losses	(28)	(12)	(5)
Exchange and other adjustments	(9)	3	(14)
At 31 December	$ 268	$ 147	$ 76

Investments in associates and_4

Investments in associates and joint ventures - Narratives (Details) - USD ($) $ in Millions								1 Months Ended	12 Months Ended			85 Months Ended	109 Months Ended
	May 22, 2024	Nov. 01, 2023	Sep. 23, 2021	Jan. 29, 2021	Dec. 01, 2020	Nov. 27, 2017	Dec. 01, 2015	Dec. 31, 2020	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Less than 100% Subsidiaries and Joint Ventures
Cash proceeds from divestment									$ 13
Net assets									40,871	$ 37,058		$ 40,871	$ 40,871	$ 39,166
Net assets in joint venture or associate attributable to entity									131	91		131	131	85
Unrecognised losses in associates and joint ventures									$ 177	92		177	177	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%
Fuse Biosciences (Cayman) Limited
Less than 100% Subsidiaries and Joint Ventures
Proportion of interest in associate	18.75%								18.75%
Contributions to associates and joint ventures	$ 11
Percentage of board members in associate representing entity	25%
Wuxi AstraZeneca-CICC Venture Capital Partnership (Limited Partnership)
Less than 100% Subsidiaries and Joint Ventures
Proportion of interest in associate					22%
Contributions to associates and joint ventures								$ 1	$ 7	21	$ 45
IHP HK 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%
Contributions to associates and joint ventures			$ 14
Cellectis
Less than 100% Subsidiaries and Joint Ventures
Percentage of additional ownership interest in associate acquired	22%
Proportion of interest in associate	44%	22%							43.96%
Contributions to associates and joint ventures	$ 140	$ 80
Centus Biotherapeutics Limited
Less than 100% Subsidiaries and Joint Ventures
Investments in joint ventures									$ 0	$ 0		0	0	$ 0
Proportion of interest in joint venture							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						26%
Contributions to associates and joint ventures												$ 80
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, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of associate and joint ventures
Non-current assets	$ 78,208	$ 76,065	$ 73,890
Current assets	25,827	25,054	22,593
Total liabilities	(63,164)	(61,953)	(59,425)
Current liabilities	(27,866)	(30,542)	(26,293)
Net assets	40,871	39,166	37,058
Amount attributable to AstraZeneca	131	85	91
Goodwill	152	52
Exchange adjustments	(15)	10	(15)
Carrying value of investments in associates and joint ventures	268	147	76	$ 69
All entity's associates and joint ventures
Disclosure of associate and joint ventures
Non-current assets	577	424	290
Current assets	508	362	300
Total liabilities	(516)	(287)	(72)
Net assets	$ 569	$ 499	$ 518

Other investments (Details)

Other investments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other investments
Total, Non-current	$ 1,632	$ 1,530	$ 1,066
Cash collateral pledged to counterparties	129	102	162
Fixed deposits			64
Total, Current	166	122	239
Equity investments
Other investments
Equity securities at fair value through other comprehensive income	1,632	1,530	1,056
Fixed income securities
Other investments
Fixed income securities at fair value through profit and loss			10
Fixed income securities at fair value through profit and loss	$ 37	$ 20	$ 13

Other investments - Fair value

Other investments - Fair value hierarchy (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other investments
FVPL	$ 37	$ 20	$ 23
FVOCI	1,632	1,530	1,056
Level 1
Other investments
FVPL	37	20	13
FVOCI	1,279	1,217	880
Level 3
Other investments
FVPL			10
FVOCI	$ 353	$ 313	$ 176

Other investments - Level 3 inv

Other investments - Level 3 investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other investments
Assets at beginning of period	$ 101,119	$ 96,483
Assets at end of period	104,035	101,119	$ 96,483
Level 3 \| FVPL
Other investments
Assets at beginning of period		10
Additions			10
Revaluations (through income statement)		3
Disposals		(13)
Assets at end of period			10
Level 3 \| FVOCI
Other investments
Assets at beginning of period	313	176	104
Additions	56	127	32
Revaluations (through other comprehensive income)	(9)	14	50
Net transfers out from Level 3 to Level 1			(4)
Disposals		(8)	(5)
Impairments and exchange adjustments	(7)	4	(1)
Assets at end of period	$ 353	$ 313	$ 176

Derivative financial instrume_3

Derivative financial instruments - Assets and liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about hedges
Non-current assets	$ 182	$ 228	$ 74
Current assets	54	116	87
Current liabilities	(50)	(156)	(93)
Non-current liabilities	(115)	(38)	(164)
Total	71	150	(96)
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
Current assets			1
Total			1
Other derivatives
Disclosure of detailed information about hedges
Non-current assets		12	19
Current assets	$ 49	97	85
Current liabilities	(49)	(122)	(80)
Total		(13)	24
Equity warrants
Disclosure of detailed information about hedges
Total	0
Equity warrants \| Level 3
Disclosure of detailed information about hedges
Non-current assets	0	12	19
Net investment hedges \| Cross currency swaps
Disclosure of detailed information about hedges
Non-current assets	148	100	55
Non-current liabilities		(1)	(4)
Total	148	99	51
Cash flow hedges \| Cross currency swaps
Disclosure of detailed information about hedges
Non-current assets	34	116
Current liabilities		(30)
Non-current liabilities	(71)	(37)	(160)
Total	(37)	49	(160)
Cash flow hedges \| Forward contract
Disclosure of detailed information about hedges
Current assets	5	19	1
Current liabilities	(1)	(4)	(13)
Total	4	$ 15	$ (12)
Fair value hedges \| Cross currency swaps
Disclosure of detailed information about hedges
Non-current liabilities	(44)
Total	$ (44)

Derivative financial instrume_4

Derivative financial instruments - Interest rates (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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	0.60%	0.10%	0.10%
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	4.10%	5.30%	4.70%

Non-current other receivables_2

Non-current other receivables (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of other non-current receivables
Prepayments	$ 356	$ 274	$ 243
Accrued income	60	52	44
Retirement benefit scheme surpluses (Note 22)	99	92	90
Other receivables	415	385	458
Non current other receivables	930	803	835
FibroGen, Inc.
Disclosure of other non-current receivables
Non current other receivables	$ 0	$ 51	$ 71

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	12 Months Ended
Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]
Raw materials and consumables	$ 1,489	$ 1,531	$ 1,422
Inventories in process	2,282	2,325	1,864
Finished goods and goods for resale	1,517	1,568	1,413
Inventories	5,288	5,424	4,699
Cost Of inventories recognized as expense	7,001	6,038	9,618
Inventory write-downs	664	$ 574	$ 479
Andexxa
Disclosure of disaggregation of revenue from contracts with customers [line items]
Inventory write-downs	$ 407

Current trade and other recei_3

Current trade and other receivables (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current trade and other receivables
Trade receivables	$ 8,302	$ 8,407	$ 7,212
Other receivables	1,579	1,639	1,659
Prepayments	1,737	1,617	1,329
Government grants receivable	25	11	25
Accrued income	1,329	452	296
Trade and other receivables	12,972	12,126	10,521
Gross trade receivables
Current trade and other receivables
Trade receivables	8,335	8,452	7,271
Expected credit loss provisions
Current trade and other receivables
Trade receivables	(33)	(45)	(59)
Trade receivables - subject to factoring \| FVOCI
Current trade and other receivables
Trade receivables	$ 667	$ 1,977	$ 2,470

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents.
Cash at bank and in hand	$ 1,215	$ 1,325	$ 1,411
Short-term deposits	4,273	4,515	4,755
Cash and cash equivalents	5,488	5,840	6,166
Unsecured bank overdrafts	(59)	(203)	(183)
Cash and cash equivalents in the Consolidated Statement of Cash Flows	$ 5,429	$ 5,637	$ 5,983	$ 6,038

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash and cash equivalents.
Share-based payments charge for the period	$ 660	$ 579	$ 619
Settlement of share plan awards	(618)	(650)	(592)
Pension contributions	(166)	(188)	(205)
Pension charges recorded in operating profit	86	55	101
Long-term provision charges recorded in operating profit	106	460	87
Loss/(gain) on disposal of tangible assets	4	(41)	(112)
Update to the contractual relationships for Beyfortus		(729)
Foreign exchange and other	(193)	128	(590)
Total operating activities non-cash and other movements	$ (121)	$ (386)	$ (692)

Assets held for sale (Details)

Assets held for sale (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets held for sale
Assets held for sale	$ 0	$ 0	$ 150

Interest-bearing loans and bo_3

Interest-bearing loans and borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest bearing loans and borrowings
Lease liabilities	$ 339	$ 271	$ 228
Current debt	2,337	5,129	5,314
Total current debt and lease liabilities	2,676	5,400	5,542
Non-current liabilities	26,506	22,365	22,965
Lease liabilities	1,113	857	725
Total non-current debt and lease liabilities	27,619	23,222	23,690
Total borrowings	30,295	28,622	29,232
Current secured bank loans		0	22
Non-current secured bank loans		0	181
Overdrafts
Interest bearing loans and borrowings
Current debt	59	203	183
Other Short-term borrowings excluding overdrafts
Interest bearing loans and borrowings
Current debt	90	97	78
Bank collateral
Interest bearing loans and borrowings
Current debt	181	215	89
Lease liabilities
Interest bearing loans and borrowings
Lease liabilities	339	271	228
Lease liabilities	1,113	857	725
Other loans (including commercial paper)
Interest bearing loans and borrowings
Current debt	$ 10	19	22
0.3% Callable bond due 2023
Interest bearing loans and borrowings
Current debt			1,399
Interest rate on borrowings	0.30%
7% Guaranteed debentures
Interest bearing loans and borrowings
Current debt			294
Interest rate on borrowings	7%
2023 floating bank loan due 2023
Interest bearing loans and borrowings
Current debt			2,000
Floating rate loan due 2023
Interest bearing loans and borrowings
Current debt			400
3.5% Callable bond due 2023
Interest bearing loans and borrowings
Current debt			849
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
Interest rate on borrowings	0.70%
0.75% Callable bond due 2024
Interest bearing loans and borrowings
Current debt		995
Non-current liabilities			957
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
3.375% Callable bond due 2025
Interest bearing loans and borrowings
Current debt	$ 1,997
Non-current liabilities		1,994	1,992
Interest rate on borrowings	3.375%
0.7% Callable bond due 2026
Interest bearing loans and borrowings
Non-current liabilities	$ 1,198	1,196	1,195
Interest rate on borrowings	0.70%
1.2% Callable bond due 2026
Interest bearing loans and borrowings
Non-current liabilities	$ 1,249	1,248	1,246
Interest rate on borrowings	1.20%
4.8% Callable bond due 2027
Interest bearing loans and borrowings
Non-current liabilities	$ 1,247
Interest rate on borrowings	4.80%
3.625% callable bond due 2027
Interest bearing loans and borrowings
Non-current liabilities	$ 780	829
Interest rate on borrowings	3.625%
3.125% Callable bond due 2027
Interest bearing loans and borrowings
Non-current liabilities	$ 748	747	746
Interest rate on borrowings	3.125%
4.875% callable bond due 2028
Interest bearing loans and borrowings
Non-current liabilities	$ 1,096	1,095
Interest rate on borrowings	4.875%
1.25% Callable bond due 2028
Interest bearing loans and borrowings
Non-current liabilities	$ 829	879	845
Interest rate on borrowings	1.25%
1.75% Callable bond due 2028
Interest bearing loans and borrowings
Non-current liabilities	$ 1,247	1,246	1,245
Interest rate on borrowings	1.75%
4% Callable bond due 2029
Interest bearing loans and borrowings
Non-current liabilities	$ 996	995	995
Interest rate on borrowings	4%
4.85% Callable bond due 2029
Interest bearing loans and borrowings
Non-current liabilities	$ 1,246
Interest rate on borrowings	4.85%
0.375% Callable bond due 2029
Interest bearing loans and borrowings
Non-current liabilities	$ 829	881	846
Interest rate on borrowings	0.375%
4.9 Callable bond due 2030
Interest bearing loans and borrowings
Non-current liabilities	$ 646	645
Interest rate on borrowings	4.90%
3.121% Callable bond due 2030
Interest bearing loans and borrowings
Non-current liabilities	$ 682
Interest rate on borrowings	3.121%
1.375% Callable bond due 2030
Interest bearing loans and borrowings
Non-current liabilities	$ 1,295	1,294	1,293
Interest rate on borrowings	1.375%
4.9% Callable bond due 2031
Interest bearing loans and borrowings
Non-current liabilities	$ 994
Interest rate on borrowings	4.90%
2.25% Callable bond due 2031
Interest bearing loans and borrowings
Non-current liabilities	$ 747	747	747
Interest rate on borrowings	2.25%
5.75% Non-callable bond due 2031
Interest bearing loans and borrowings
Non-current liabilities	$ 438	444	420
Interest rate on borrowings	5.75%
3.75% Callable bond due 2032
Interest bearing loans and borrowings
Non-current liabilities	$ 778	827
Interest rate on borrowings	3.75%
4.875% Callable bond due 2033
Interest bearing loans and borrowings
Non-current liabilities	$ 497	497
Interest rate on borrowings	4.875%
3.278% Callable bond due 2033
Interest bearing loans and borrowings
Non-current liabilities	$ 786
Interest rate on borrowings	3.278%
5% Callable bond due 2034
Interest bearing loans and borrowings
Non-current liabilities	$ 1,489
Interest rate on borrowings	5%
6.45% Callable bond due 2037
Interest bearing loans and borrowings
Non-current liabilities	$ 2,727	2,725	2,724
Interest rate on borrowings	6.45%
4% Callable bond due 2042
Interest bearing loans and borrowings
Non-current liabilities	$ 989	989	988
Interest rate on borrowings	4%
4.375% Callable bond due 2045
Interest bearing loans and borrowings
Non-current liabilities	$ 982	981	981
Interest rate on borrowings	4.375%
4.375% Callable bond due 2048
Interest bearing loans and borrowings
Non-current liabilities	$ 738	738	737
Interest rate on borrowings	4.375%
2.125% Callable bond due 2050
Interest bearing loans and borrowings
Non-current liabilities	$ 487	487	487
Interest rate on borrowings	2.125%
3% Callable bond due 2051
Interest bearing loans and borrowings
Non-current liabilities	$ 735	735	735
Interest rate on borrowings	3%
Other loans
Interest bearing loans and borrowings
Non-current liabilities	$ 31	$ 146	$ 190

Interest-bearing loans and bo_4

Interest-bearing loans and borrowings - Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of liabilities
Liabilities arising from financing activities at beginning of period	$ 28,622	$ 29,232	$ 30,781
Issue of loans and borrowings	6,492	3,816
Repayment of loans and borrowings	(4,652)	(4,942)	(1,271)
Movement in short-term borrowings	(31)	161	74
Repayment of obligations under leases	(316)	(268)	(244)
Total changes in liabilities arising on financing activities from borrowings	1,493	(1,233)	(1,441)
Movement in overdrafts	(144)	20	(85)
New lease liabilities	710	444	253
Additions through business combinations	12		5
Exchange	(361)	187	(287)
Other movements	(37)	(28)	6
Liabilities arising from financing activities at end of period	30,295	28,622	29,232
Payment of Acerta Pharma share purchase liability	833	867	920
Acerta Pharma Bv [Member]
Reconciliation of liabilities
Payment of Acerta Pharma share purchase liability	833	867	920
Share purchase liabilities	$ 0	$ 833	$ 1,646

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, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 EUR (€)
Category of carrying values and fair values
Total carrying value	$ 30,295	$ 28,622	$ 29,232
Fair value	29,179	27,987	27,898
Borrowings	30,295	28,622	29,232
Fair value loss due to change in credit risk	12	(6)	2
Bonds
Category of carrying values and fair values
Cumulative adjustment to the carrying value of the liability	16
Fair value loss due to change in credit risk	(2)
Due within one year
Category of carrying values and fair values
Borrowings	2,700
Instruments at fair value through profit or loss
Category of carrying values and fair values
Total carrying value			294
Amortised cost
Category of carrying values and fair values
Total carrying value	26,440	25,092	27,136
Fair value hedges
Category of carrying values and fair values
Total carrying value	1,468
Cash flow hedges
Category of carrying values and fair values
Total carrying value	2,387	3,530	1,802
Overdrafts
Category of carrying values and fair values
Total carrying value	59	203	183
Fair value	59	203	183
Overdrafts \| Amortised cost
Category of carrying values and fair values
Total carrying value	59	203	183
Lease liabilities \| Due within one year
Category of carrying values and fair values
Total carrying value	339	271	228
Fair value	339	271	228
Lease liabilities \| Due after more than one year
Category of carrying values and fair values
Total carrying value	1,113	857	725
Fair value	1,113	857	725
Lease liabilities \| Amortised cost \| Due within one year
Category of carrying values and fair values
Total carrying value	339	271	228
Lease liabilities \| Amortised cost \| Due after more than one year
Category of carrying values and fair values
Total carrying value	1,113	857	725
Borrowings \| Due within one year
Category of carrying values and fair values
Total carrying value	2,278	4,926	5,131
Fair value	2,263	4,887	5,105
Borrowings \| Due after more than one year
Category of carrying values and fair values
Total carrying value	26,506	22,365	22,965
Fair value	25,405	21,769	21,657
Borrowings \| Instruments at fair value through profit or loss \| Due within one year
Category of carrying values and fair values
Total carrying value			294
Borrowings \| Amortised cost \| Due within one year
Category of carrying values and fair values
Total carrying value	2,278	3,931	4,837
Borrowings \| Amortised cost \| Due after more than one year
Category of carrying values and fair values
Total carrying value	22,651	19,830	21,163
Borrowings \| Fair value hedges \| Due after more than one year
Category of carrying values and fair values
Total carrying value	1,468
Borrowings \| Cash flow hedges \| Due within one year
Category of carrying values and fair values
Total carrying value		995
Borrowings \| Cash flow hedges \| Due after more than one year
Category of carrying values and fair values
Total carrying value	$ 2,387	$ 2,535	$ 1,802
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%
0.75% Callable bond due 2024
Category of carrying values and fair values
Interest rate on borrowings	0.75%			0.75%
0.75% Callable bond due 2024 \| Cash flow hedges
Category of carrying values and fair values
Interest rate on borrowings	0.75%			0.75%
Notional amount \| €				€ 900
3.625% callable bond due 2027
Category of carrying values and fair values
Interest rate on borrowings	3.625%			3.625%
3.625% callable bond due 2027 \| Cash flow hedges
Category of carrying values and fair values
Interest rate on borrowings	3.625%			3.625%
Notional amount \| €				€ 750
1.25% Callable bond due 2028
Category of carrying values and fair values
Interest rate on borrowings	1.25%			1.25%
1.25% Callable bond due 2028 \| Cash flow hedges
Category of carrying values and fair values
Interest rate on borrowings	1.25%			1.25%
Notional amount \| €				€ 800
3.75% Callable bond due 2032
Category of carrying values and fair values
Interest rate on borrowings	3.75%			3.75%
3.75% Callable bond due 2032 \| Cash flow hedges
Category of carrying values and fair values
Interest rate on borrowings	3.75%			3.75%
Notional amount \| €				€ 750
3.121% Callable bond due 2030
Category of carrying values and fair values
Interest rate on borrowings	3.121%			3.121%
3.121% Callable bond due 2030 \| Fair value hedges
Category of carrying values and fair values
Interest rate on borrowings	3.121%			3.121%
Notional amount \| €				€ 650
3.278% Callable bond due 2033
Category of carrying values and fair values
Interest rate on borrowings	3.278%			3.278%
3.278% Callable bond due 2033 \| Fair value hedges
Category of carrying values and fair values
Interest rate on borrowings	3.278%			3.278%
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, 2024	Dec. 31, 2022
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%
Financial liabilities at fair value through profit or loss designated upon initial recognition category \| Minimum
Interest rates used to discount future cash flows
Weighted average pre-tax discount rate	2%	4.30%
Financial liabilities at fair value through profit or loss designated upon initial recognition category \| Maximum
Interest rates used to discount future cash flows
Weighted average pre-tax discount rate	2.90%	4.90%

Trade and other payables (Detai

Trade and other payables (Details) $ in Millions	12 Months Ended
Trade and other payables (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Current liabilities
Trade payables	$ 3,640	$ 3,267	$ 2,550
Value added and payroll taxes and social security	401	492	468
Rebates, chargebacks, returns and other revenue accruals	7,805	7,817	6,078
Clinical trial accruals	1,419	1,424	1,417
Other accruals	6,463	6,112	5,551
Collaboration Revenue contract liabilities	7	7	12
Vaccine contract liabilities	119	142	169
Deferred government grant income			1
Contingent consideration	1,170	966	757
Acerta Pharma share purchase liability (Note 26)		833	867
Other payables	1,441	1,314	1,170
Total	22,465	22,374	19,040
Contract liabilities within rebates, chargebacks, returns and other accruals	114	102	87
Contract liabilities	96
Non-current liabilities
Accruals	65	36	37
Collaboration Revenue contract liabilities		7	14
Contingent consideration noncurrent	581	1,171	1,465
Acerta Pharma share purchase liability (Note 26)			779
Other payables	1,124	1,446	1,975
Total	1,770	2,660	4,270
Payment of Acerta Pharma share purchase liability	833	867	920
Trade payables
Trade payables, supply chain financing programme	$ 105	123	67
Number of suppliers enrolled in supply chain financing programme	458
Revenue recognised in the year for previous contract liabilities	$ 96
UNITED STATES
Current liabilities
Rebates, chargebacks, returns and other revenue accruals	4,978	5,116	3,961
CHINA
Current liabilities
Rebates, chargebacks, returns and other revenue accruals	532	567	579
Acerta Pharma
Non-current liabilities
Payment of Acerta Pharma share purchase liability	833	867	920
Share purchase liabilities	0	833	1,646
Other Revenue
Current liabilities
Contract liabilities	89
Trade payables
Revenue recognised in the year for previous contract liabilities	89
Collaboration Revenue
Current liabilities
Contract liabilities	7
Trade payables
Revenue recognised in the year for previous contract liabilities	7
Enhertu
Current liabilities
Other payables	377	199	100
Non-current liabilities
Other payables	456	774	1,125
Airsupra
Non-current liabilities
Other payables	462	464	0
Rare Disease \| UNITED STATES
Current liabilities
Rebates, chargebacks, returns and other revenue accruals	$ 240	$ 190	$ 139

Trade and other payables - Cont

Trade and other payables - Contingent consideration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in contingent liabilities in business combination
Contingent liabilities recognised in business combination at beginning of period	$ 2,137	$ 2,222	$ 2,865
Settlements	(1,008)	(826)	(772)
Additions through business combinations	198	60
Disposals			(121)
Revaluations	311	549	82
Discount unwind (Note 3)	113	132	168
Contingent liabilities recognised in business combination at end of period	$ 1,751	2,137	2,222
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	$ 1,945	2,124
Contingent liabilities recognised in business combination at end of period	1,309	1,945	2,124
Increase (decrease) in contingent consideration through revaluation	260	$ 520	$ 182
Increase/decrease in contingent consideration balance with change in current estimates	$ 131
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, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Trade and other payables
Maximum future milestones	$ 1,751	$ 2,137	$ 2,222	$ 2,865
BMS's share of Global Diabetes Alliance
Trade and other payables
Maximum future milestones	1,309	$ 1,945	$ 2,124
Maximum \| Spirogen
Trade and other payables
Maximum future milestones	171
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
Maximum \| Fusion
Trade and other payables
Maximum future milestones	304
Maximum \| Gracell
Trade and other payables
Maximum future milestones	$ 149

Provisions (Details)

Provisions (Details) - USD ($) $ in Millions	12 Months Ended
Provisions (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total provisions
Provisions, At 1 January	$ 2,155	$ 1,618	$ 1,724
Additions arising on business acquisitions	50
Charge for year	861	1,513	1,484
Cash paid	(476)	(765)	(1,282)
Reversals	(348)	(200)	(262)
Exchange and other movements	(52)	(11)	(46)
Provisions, At 31 December	2,190	2,155	1,618
Non-current provisions	921	1,127	896
Severance
Total provisions
Provisions, At 1 January	176	165	212
Charge for year	283	123	227
Cash paid	(101)	(87)	(223)
Reversals	(83)	(28)	(43)
Exchange and other movements		3	(8)
Provisions, At 31 December	275	176	165
Environmental
Total provisions
Provisions, At 1 January	112	131	90
Charge for year	26	21	61
Cash paid	(33)	(41)	(19)
Reversals		(3)
Exchange and other movements		4	(1)
Provisions, At 31 December	105	112	131
Employee benefits
Total provisions
Provisions, At 1 January	168	143	195
Charge for year	30	22	1
Cash paid	(7)	(14)	(41)
Reversals	(1)	(3)	(27)
Exchange and other movements	(24)	20	15
Provisions, At 31 December	166	168	143
Legal
Total provisions
Provisions, At 1 January	1,016	161	239
Charge for year	44	1,102	830
Cash paid	(189)	(219)	(814)
Reversals	(9)	(23)	(94)
Exchange and other movements	(3)	(5)
Provisions, At 31 December	859	1,016	161
Other provisions
Total provisions
Provisions, At 1 January	683	1,018	988
Additions arising on business acquisitions	50
Charge for year	478	245	365
Cash paid	(146)	(404)	(185)
Reversals	(255)	(143)	(98)
Exchange and other movements	(25)	(33)	(52)
Provisions, At 31 December	785	683	1,018
Third-party liabilities and other risks
Total provisions
Provisions, At 1 January	163	165
Provisions, At 31 December	145	163	165
Post Alexion Acquisition Group Review restructuring programme
Total provisions
Provisions, At 1 January	49	143
Charge for year	184	87	12
Provisions, At 31 December	80	49	143
Non-current provisions	$ 58	$ 8	95
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, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total provisions
Current provision	$ 1,269	$ 1,028	$ 722
Non current provision	921	1,127	896
Total	2,190	2,155	1,618	$ 1,724
Charge for year	861	1,513	1,484
Severance
Total provisions
Total	275	176	165	212
Charge for year	283	123	227
Environmental
Total provisions
Total	105	112	131	90
Charge for year	26	21	61
Employee benefits
Total provisions
Total	166	168	143	195
Charge for year	30	22	1
Legal
Total provisions
Total	859	1,016	161	239
Charge for year	44	1,102	830
Legal provisions concerning settled but not paid matters
Total provisions
Current provision	626	616	30
Non current provision	210	372	92
Other provisions
Total provisions
Total	785	683	1,018	$ 988
Charge for year	478	245	365
Third-party liabilities and other risks
Total provisions
Total	145	163	165
Post Alexion Acquisition Group Review restructuring programme
Total provisions
Non current provision	58	8	95
Total	80	49	143
Charge for year	$ 184	$ 87	12
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, 2024	Dec. 31, 2023	Dec. 31, 2022
In one to two years
Disclosure of other provisions [line items]
Non-current legal provision	$ 167	$ 180	$ 22
In two to three years
Disclosure of other provisions [line items]
Non-current legal provision	9	159	21
In three to four years
Disclosure of other provisions [line items]
Non-current legal provision	12	10	9
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	$ 13	$ 14	$ 31

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
	Mar. 31, 2024 GBP (£)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 GBP (£) employee plan country	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) employee	Dec. 31, 2024 USD ($) employee plan country	Dec. 01, 2023 GBP (£)	Dec. 01, 2023 USD ($)	Dec. 31, 2022 USD ($) employee
Post-retirement benefits
Number of countries in which entity is operating benefit plans \| country			28			28
Number of employees \| employee			94,300		89,900	94,300			83,500
Past service credit				$ 9	$ (12)
Included in retirement benefit obligations						$ (1,330)
Plan liabilities					7,907	7,079
Market value of plan assets					6,479	5,848
Scheme obligations
Post-retirement benefits
Past service credit/(cost)				9	(12)
Plan liabilities					7,907	7,079			$ 8,108
Scheme assets
Post-retirement benefits
Contribution				166	188
Valuation of Fund liabilities					(6,479)	$ (5,848)			(7,030)
Minimum
Post-retirement benefits
Number of benefit plans operated by entity \| plan			50			50
UK defined benefit plans
Post-retirement benefits
Total defined benefit obligations as a percentage of total			65%			65%
Past service credit				2	$ (12)
Discount rate - defined benefit obligation (as a percent)			5.50%		4.60%	5.50%
Included in retirement benefit obligations						$ (317)
Inflation assumption (as a percent)			3.20%		3.10%	3.20%
Pension increases assumption (as a percent)			3%		2.90%	3%
Plan liabilities					$ 5,161	$ 4,592
Market value of plan assets					4,759	4,275
UK defined benefit plans \| Scheme obligations
Post-retirement benefits
Past service credit/(cost)				2	(12)
Plan liabilities					5,161	4,592			4,801
UK defined benefit plans \| Scheme assets
Post-retirement benefits
Contribution				66	65
Valuation of Fund liabilities					(4,759)	$ (4,275)			$ (4,573)
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			62%			62%
UK defined benefit pension
Post-retirement benefits
Number of employees \| employee			351			351
Total defined benefit obligations as a percentage of total			65%			65%
Deficit recovery contribution	£ 39	$ 49	£ 39	49
Deficit recovery contributions to plan by employer, expected annual amount until year 2028			£ 39			$ 49
Further contribution				18
Value of charge for funding agreement							£ 317	$ 398
Value of the charge for funding agreement, capped amount							£ 350	$ 440
Sweden defined benefit pension
Post-retirement benefits
Total defined benefit obligations as a percentage of total			21%			21%
Further contribution				50
Plan liabilities					1,602
Market value of plan assets					$ 1,068
Benefit payments accounted for as group contributions				$ 50
Sweden defined benefit pension \| Maximum
Post-retirement benefits
Funding level as a percentage of scheme obligations			100%	100%

Post-retirement pension and o_4

Post-retirement pension and other defined benefit schemes - Post-retirement benefits other than pensions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Post-retirement benefits
Post-employment benefit expense in profit or loss	$ 614	$ 537	$ 546
Cost of post-retirement benefits	528	482
Market value of plan assets	5,848	6,479
Plan liabilities	7,079	7,907
Surplus (deficit) in plan	(1,231)	(1,428)
UNITED STATES
Post-retirement benefits
Market value of plan assets		160
Plan liabilities		154
Surplus (deficit) in plan		6
Post-retirement defined benefits other than pensions
Post-retirement benefits
Post-employment benefit expense in profit or loss	1	$ 1	$ 1
Market value of plan assets	146
Plan liabilities	$ 105

Post-retirement pension and o_5

Post-retirement pension and other defined benefit schemes - Assumptions (Details) - Y	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Post-retirement benefits
Retirement age used in life expectancy assumption	65 years
UK defined benefit plans
Post-retirement benefits
Inflation assumption (as a percent)	3.20%	3.10%
Rate of increase in pensions in payment (as a percent)	3%	2.90%
Discount rate - defined benefit obligation (as a percent)	5.50%	4.60%
Discount rate - interest cost	5.40%	4.60%
Discount rate - service cost	5.50%	4.50%
Weighted average duration of defined benefit obligation	11 years
Initial rate of improvement	0.50%
Smoothing parameter	7
Long-term improvement rate	1%
Average age at which members are expected to transfer out of plan	57
Percentage of members assumed to transfer out	15%	25%
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 1 month 6 days
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 1 month 6 days
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 8 months 12 days
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 9 months 18 days
UNITED STATES
Post-retirement benefits
Discount rate - defined benefit obligation (as a percent)		4.70%
Discount rate - interest cost		4.70%
SWEDEN
Post-retirement benefits
Inflation assumption (as a percent)	1.80%	1.60%
Rate of increase in salaries (as a percent)	3.30%	3.10%
Rate of increase in pensions in payment (as a percent)	1.80%	1.60%
Discount rate - defined benefit obligation (as a percent)	3.50%	3.30%
Discount rate - interest cost	3.40%	3.30%
Discount rate - service cost	3.50%	3.30%
Weighted average duration of defined benefit obligation	16 years
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
SWEDEN \| Life expectancy assumptions at age 65 for male members expected to retire in twenty-years
Post-retirement benefits
Life expectancy assumption	24 years 1 month 6 days	23 years 7 months 6 days
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
SWEDEN \| Life expectancy assumptions at age 65 for female members expected to retire in twenty-years
Post-retirement benefits
Life expectancy assumption	26 years 3 months 18 days	26 years
Rest of Group
Post-retirement benefits
Inflation assumption (as a percent)	2.10%
Rate of increase in salaries (as a percent)	3.60%
Rate of increase in pensions in payment (as a percent)	2.10%
Discount rate - defined benefit obligation (as a percent)	3.50%
Discount rate - interest cost	3.50%
Discount rate - service cost	3.50%
Weighted average duration of defined benefit obligation	13 years
Rest of group (prior to 2024 disaggregation)
Post-retirement benefits
Inflation assumption (as a percent)		2.20%
Rate of increase in salaries (as a percent)		3.70%
Rate of increase in pensions in payment (as a percent)		2.20%
Discount rate - defined benefit obligation (as a percent)		3.30%
Discount rate - interest cost		3.30%
Discount rate - service cost		3.30%

Post-retirement pension and o_6

Post-retirement pension and other defined benefit schemes - Risks (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) person
Derivatives: Longevity swap
Post-retirement benefits
Measurement period over which life expectancy is expected to increase	70 years
UK defined benefit plans
Post-retirement benefits
Total defined benefit obligations as a percentage of total	65%
Percentage of Pension Fund in growth assets	44%
Target hedge ratio of interest rates	100%
Hedge ratio of interest rates	98%
Hedge ratio of inflation hedging	98%
Target hedge ratio of inflation hedging	100%
Currency risk of plan assets hedged (as a percent)	89%
Annual inflation increase cap (as a percent)	5%
Percentage of assets invested in cash flow driven investment portfolio consisting of corporate grade bonds	8%
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	$ 2,200
Period of increase in life expectancy to receive cash under hedge	1 year
Increase in pension fund obligations from hedged increase in life expectancy	$ 178
Increase in pension fund assets from hedged increase in life expectancy	$ 89

Post-retirement pension and o_7

Post-retirement pension and other defined benefit schemes - Scheme assets and obligations (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Scheme assets
Derivatives:	$ 120	$ (92)
Cash and cash equivalents	374	426
Other	188	315
Scheme deficit
Total fair value of scheme assets	5,848	6,479
Total value of scheme obligations	(7,079)	(7,907)
Included in other non-current receivables	99
Included in retirement benefit obligations	(1,330)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position	(1,231)	(1,428)
Company's own assets included in scheme assets	0	0
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
Cash and cash equivalents	34	58
Other	(6)	(1)
Scheme deficit
Total fair value of scheme assets	2,540	3,131
Unquoted
Scheme assets
Derivatives:	120	(92)
Cash and cash equivalents	340	368
Other	194	316
Scheme deficit
Total fair value of scheme assets	3,308	3,348
Scheme obligations
Scheme deficit
Total value of scheme obligations	(7,079)	(7,907)	$ (8,108)
Active membership
Scheme deficit
Total value of scheme obligations	(1,224)	(1,273)
Deferred membership
Scheme deficit
Total value of scheme obligations	(1,257)	(1,592)
Pensioners
Scheme deficit
Total value of scheme obligations	(4,598)	(5,042)
Government bonds
Scheme assets
Debt	1,929	2,495
Government bonds \| Quoted
Scheme assets
Debt	1,929	2,495
Corporate bonds
Scheme assets
Debt	358	473
Corporate bonds \| Quoted
Scheme assets
Debt	358	473
Investment funds: Listed Equities
Scheme assets
Investment funds:	435	377
Investment funds: Listed Equities \| Quoted
Scheme assets
Investment funds:	38	53
Investment funds: Listed Equities \| Unquoted
Scheme assets
Investment funds:	397	324
Investment funds: Absolute Return/Multi Strategy
Scheme assets
Investment funds:	1,483	1,605
Investment funds: Absolute Return/Multi Strategy \| Quoted
Scheme assets
Investment funds:	5	5
Investment funds: Absolute Return/Multi Strategy \| Unquoted
Scheme assets
Investment funds:	1,478	1,600
Investment funds: Corporate Bonds/Credit
Scheme assets
Investment funds:	961	880
Investment funds: Corporate Bonds/Credit \| Quoted
Scheme assets
Investment funds:	182	48
Investment funds: Corporate Bonds/Credit \| Unquoted
Scheme assets
Investment funds:	779	832
UK defined benefit plans
Scheme deficit
Total fair value of scheme assets	4,275	4,759
Total value of scheme obligations	(4,592)	(5,161)
Included in retirement benefit obligations	(317)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position	(317)	(402)
UK defined benefit plans \| Retirement benefit obligations
Scheme deficit
Included in retirement benefit obligations		(402)
UK defined benefit plans \| Quoted
Scheme assets
Cash and cash equivalents	32	53
Scheme deficit
Total fair value of scheme assets	2,268	2,809
UK defined benefit plans \| Unquoted
Scheme assets
Derivatives:	(355)	(532)
Cash and cash equivalents	336	363
Scheme deficit
Total fair value of scheme assets	2,007	1,950
UK defined benefit plans \| Scheme obligations
Scheme deficit
Total value of scheme obligations	(4,592)	(5,161)	(4,801)
UK defined benefit plans \| Active membership
Scheme deficit
Total value of scheme obligations	(200)	(233)
UK defined benefit plans \| Deferred membership
Scheme deficit
Total value of scheme obligations	(667)	(853)
UK defined benefit plans \| Pensioners
Scheme deficit
Total value of scheme obligations	(3,725)	(4,075)
UK defined benefit plans \| Government bonds \| Quoted
Scheme assets
Debt	1,884	2,383
UK defined benefit plans \| Corporate bonds \| Quoted
Scheme assets
Debt	352	373
UK defined benefit plans \| Investment funds: Listed Equities \| Unquoted
Scheme assets
Investment funds:	374	321
UK defined benefit plans \| Investment funds: Absolute Return/Multi Strategy \| Unquoted
Scheme assets
Investment funds:	1,051	1,131
UK defined benefit plans \| Investment funds: Corporate Bonds/Credit \| Unquoted
Scheme assets
Investment funds:	601	667
UNITED STATES
Scheme deficit
Total fair value of scheme assets		160
Total value of scheme obligations		(154)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position		6
UNITED STATES \| Non-current other receivables
Scheme deficit
Included in other non-current receivables		66
UNITED STATES \| Retirement benefit obligations
Scheme deficit
Included in retirement benefit obligations		(60)
UNITED STATES \| Quoted
Scheme assets
Cash and cash equivalents		5
Scheme deficit
Total fair value of scheme assets		160
UNITED STATES \| Scheme obligations
Scheme deficit
Total value of scheme obligations		(154)	(1,022)
UNITED STATES \| Active membership
Scheme deficit
Total value of scheme obligations		(45)
UNITED STATES \| Deferred membership
Scheme deficit
Total value of scheme obligations		(2)
UNITED STATES \| Pensioners
Scheme deficit
Total value of scheme obligations		(107)
UNITED STATES \| Government bonds \| Quoted
Scheme assets
Debt		61
UNITED STATES \| Corporate bonds \| Quoted
Scheme assets
Debt		94
SWEDEN
Scheme deficit
Total fair value of scheme assets	1,056	1,068
Total value of scheme obligations	(1,508)	(1,602)
Included in retirement benefit obligations	(452)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position	(452)	(534)
SWEDEN \| Retirement benefit obligations
Scheme deficit
Included in retirement benefit obligations		(534)
SWEDEN \| Unquoted
Scheme assets
Derivatives:	475	440
Cash and cash equivalents	2	2
Scheme deficit
Total fair value of scheme assets	1,056	1,068
SWEDEN \| Scheme obligations
Scheme deficit
Total value of scheme obligations	(1,508)	(1,602)	(1,312)
SWEDEN \| Active membership
Scheme deficit
Total value of scheme obligations	(543)	(553)
SWEDEN \| Deferred membership
Scheme deficit
Total value of scheme obligations	(393)	(443)
SWEDEN \| Pensioners
Scheme deficit
Total value of scheme obligations	(572)	(606)
SWEDEN \| Investment funds: Absolute Return/Multi Strategy \| Unquoted
Scheme assets
Investment funds:	420	461
SWEDEN \| Investment funds: Corporate Bonds/Credit \| Unquoted
Scheme assets
Investment funds:	159	165
Rest of Group
Scheme deficit
Total fair value of scheme assets	517
Total value of scheme obligations	(979)
Included in other non-current receivables	99
Included in retirement benefit obligations	(561)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position	(462)
Rest of Group \| Quoted
Scheme assets
Cash and cash equivalents	2
Other	(6)
Scheme deficit
Total fair value of scheme assets	272
Rest of Group \| Unquoted
Scheme assets
Cash and cash equivalents	2
Other	194
Scheme deficit
Total fair value of scheme assets	245
Rest of Group \| Scheme obligations
Scheme deficit
Total value of scheme obligations	(979)	(1,144)
Rest of Group \| Active membership
Scheme deficit
Total value of scheme obligations	(481)
Rest of Group \| Deferred membership
Scheme deficit
Total value of scheme obligations	(197)
Rest of Group \| Pensioners
Scheme deficit
Total value of scheme obligations	(301)
Rest of Group \| Government bonds \| Quoted
Scheme assets
Debt	45
Rest of Group \| Corporate bonds \| Quoted
Scheme assets
Debt	6
Rest of Group \| Investment funds: Listed Equities \| Quoted
Scheme assets
Investment funds:	38
Rest of Group \| Investment funds: Listed Equities \| Unquoted
Scheme assets
Investment funds:	23
Rest of Group \| Investment funds: Absolute Return/Multi Strategy \| Quoted
Scheme assets
Investment funds:	5
Rest of Group \| Investment funds: Absolute Return/Multi Strategy \| Unquoted
Scheme assets
Investment funds:	7
Rest of Group \| Investment funds: Corporate Bonds/Credit \| Quoted
Scheme assets
Investment funds:	182
Rest of Group \| Investment funds: Corporate Bonds/Credit \| Unquoted
Scheme assets
Investment funds:	$ 19
Rest of group (prior to 2024 disaggregation)
Scheme deficit
Total fair value of scheme assets		492
Total value of scheme obligations		(990)
(Deficit)/surplus in the scheme as recognised in the Consolidated Statement of Financial Position		(498)
Rest of group (prior to 2024 disaggregation) \| Non-current other receivables
Scheme deficit
Included in other non-current receivables		26
Rest of group (prior to 2024 disaggregation) \| Retirement benefit obligations
Scheme deficit
Included in retirement benefit obligations		(524)
Rest of group (prior to 2024 disaggregation) \| Quoted
Scheme assets
Other		(1)
Scheme deficit
Total fair value of scheme assets		162
Rest of group (prior to 2024 disaggregation) \| Unquoted
Scheme assets
Cash and cash equivalents		3
Other		316
Scheme deficit
Total fair value of scheme assets		330
Rest of group (prior to 2024 disaggregation) \| Scheme obligations
Scheme deficit
Total value of scheme obligations		(990)	$ (973)
Rest of group (prior to 2024 disaggregation) \| Active membership
Scheme deficit
Total value of scheme obligations		(442)
Rest of group (prior to 2024 disaggregation) \| Deferred membership
Scheme deficit
Total value of scheme obligations		(294)
Rest of group (prior to 2024 disaggregation) \| Pensioners
Scheme deficit
Total value of scheme obligations		(254)
Rest of group (prior to 2024 disaggregation) \| Government bonds \| Quoted
Scheme assets
Debt		51
Rest of group (prior to 2024 disaggregation) \| Corporate bonds \| Quoted
Scheme assets
Debt		6
Rest of group (prior to 2024 disaggregation) \| Investment funds: Listed Equities \| Quoted
Scheme assets
Investment funds:		53
Rest of group (prior to 2024 disaggregation) \| Investment funds: Listed Equities \| Unquoted
Scheme assets
Investment funds:		3
Rest of group (prior to 2024 disaggregation) \| Investment funds: Absolute Return/Multi Strategy \| Quoted
Scheme assets
Investment funds:		5
Rest of group (prior to 2024 disaggregation) \| Investment funds: Absolute Return/Multi Strategy \| Unquoted
Scheme assets
Investment funds:		8
Rest of group (prior to 2024 disaggregation) \| Investment funds: Corporate Bonds/Credit \| Quoted
Scheme assets
Investment funds:		$ 48

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, 2024	Dec. 31, 2023
Movement
Beginning of year	$ 6,479	$ 7,030
Interest income on scheme assets	262	300
Expenses	(5)	(11)
Actuarial gains/(losses)	(315)	(65)
Exchange and other adjustments	(185)	329
Employer contributions	166	188
Participant contributions	13	12
Benefits paid	(451)	(463)
Settlements	(116)	(841)
End of year	5,848	6,479
Actual return on the plan assets	(53)	235
UK defined benefit plans
Movement
Beginning of year	4,759	4,573
Interest income on scheme assets	214	229
Expenses	(5)	(9)
Actuarial gains/(losses)	(370)	(59)
Exchange and other adjustments	(67)	262
Employer contributions	66	65
Participant contributions	1	1
Benefits paid	(323)	(303)
End of year	4,275	4,759
UNITED STATES
Movement
Beginning of year	160	1,008
Interest income on scheme assets		22
Expenses		(1)
Actuarial gains/(losses)		2
Exchange and other adjustments		(1)
Employer contributions		35
Participant contributions		4
Benefits paid		(68)
Settlements		(841)
End of year		160
SWEDEN
Movement
Beginning of year	1,068	946
Interest income on scheme assets	33	38
Actuarial gains/(losses)	55	37
Exchange and other adjustments	(98)	48
Employer contributions	50	46
Benefits paid	(52)	(47)
End of year	1,056	1,068
Rest of Group
Movement
Beginning of year	652
Interest income on scheme assets	15
Exchange and other adjustments	(20)
Employer contributions	50
Participant contributions	12
Benefits paid	(76)
Settlements	(116)
End of year	517	652
Rest of group (prior to 2024 disaggregation)
Movement
Beginning of year	$ 492	503
Interest income on scheme assets		11
Expenses		(1)
Actuarial gains/(losses)		(45)
Exchange and other adjustments		20
Employer contributions		42
Participant contributions		7
Benefits paid		(45)
End of year		$ 492

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, 2024	Dec. 31, 2023
Movement
Beginning of year	$ (7,907)
End of year	(7,079)	$ (7,907)
Obligations of plans	(7,079)	(7,907)
Scheme obligations
Movement
Beginning of year	(7,907)	(8,108)
Current service cost	(72)	(56)
Past service (cost)/credit	(9)	12
Participant contributions	(13)	(12)
Benefits paid	451	463
Interest expense on post-retirement scheme obligations	(312)	(338)
Actuarial gains/(losses)	395	(341)
Exchange and other adjustments	272	(377)
Settlements	116	850
End of year	(7,079)	(7,907)
Obligations of plans	(7,079)	(7,907)
UK defined benefit plans
Movement
Beginning of year	(5,161)
End of year	(4,592)	(5,161)
Obligations of plans	$ (4,592)	(5,161)
Weighted average duration of the post-retirement scheme obligations	11 years
UK defined benefit plans \| Scheme obligations
Movement
Beginning of year	$ (5,161)	(4,801)
Current service cost	(6)	(6)
Past service (cost)/credit	(2)	12
Participant contributions	(1)	(1)
Benefits paid	323	303
Interest expense on post-retirement scheme obligations	(231)	(239)
Actuarial gains/(losses)	416	(155)
Exchange and other adjustments	70	(274)
End of year	(4,592)	(5,161)
Obligations of plans	(4,592)	(5,161)
UNITED STATES
Movement
Beginning of year	(154)
End of year		(154)
Obligations of plans		(154)
UNITED STATES \| Scheme obligations
Movement
Beginning of year	(154)	(1,022)
Current service cost		(2)
Participant contributions		(4)
Benefits paid		68
Interest expense on post-retirement scheme obligations		(22)
Actuarial gains/(losses)		(12)
Exchange and other adjustments		1
Settlements		839
End of year		(154)
Obligations of plans		(154)
SWEDEN
Movement
Beginning of year	(1,602)
End of year	(1,508)	(1,602)
Obligations of plans	$ (1,508)	(1,602)
Weighted average duration of the post-retirement scheme obligations	16 years
SWEDEN \| Scheme obligations
Movement
Beginning of year	$ (1,602)	(1,312)
Current service cost	(26)	(13)
Past service (cost)/credit	(8)	(2)
Benefits paid	52	47
Interest expense on post-retirement scheme obligations	(47)	(50)
Actuarial gains/(losses)	(23)	(202)
Exchange and other adjustments	146	(70)
End of year	(1,508)	(1,602)
Obligations of plans	(1,508)	(1,602)
Rest of Group
Movement
End of year	(979)
Obligations of plans	$ (979)
Weighted average duration of the post-retirement scheme obligations	13 years
Rest of Group \| Scheme obligations
Movement
Beginning of year	$ (1,144)
Current service cost	(40)
Past service (cost)/credit	1
Participant contributions	(12)
Benefits paid	76
Interest expense on post-retirement scheme obligations	(34)
Actuarial gains/(losses)	2
Exchange and other adjustments	56
Settlements	116
End of year	(979)	(1,144)
Obligations of plans	(979)	(1,144)
Rest of group (prior to 2024 disaggregation)
Movement
Beginning of year	(990)
End of year		(990)
Obligations of plans		(990)
Rest of group (prior to 2024 disaggregation) \| Scheme obligations
Movement
Beginning of year	(990)	(973)
Current service cost		(35)
Past service (cost)/credit		2
Participant contributions		(7)
Benefits paid		45
Interest expense on post-retirement scheme obligations		(27)
Actuarial gains/(losses)		28
Exchange and other adjustments		(34)
Settlements		11
End of year		(990)
Obligations of plans		(990)
Funded pension schemes
Movement
Beginning of year	(7,618)
End of year	(6,804)	(7,618)
Obligations of plans	(6,804)	(7,618)
Funded pension schemes \| UK defined benefit plans
Movement
Beginning of year	(5,151)
End of year	(4,582)	(5,151)
Obligations of plans	(4,582)	(5,151)
Funded pension schemes \| SWEDEN
Movement
Beginning of year	(1,599)
End of year	(1,505)	(1,599)
Obligations of plans	(1,505)	(1,599)
Funded pension schemes \| Rest of Group
Movement
End of year	(717)
Obligations of plans	(717)
Funded pension schemes \| Rest of group (prior to 2024 disaggregation)
Movement
Beginning of year	(868)
End of year		(868)
Obligations of plans		(868)
Funded post-retirement healthcare schemes
Movement
Beginning of year	(94)
End of year	(78)	(94)
Obligations of plans	(78)	(94)
Funded post-retirement healthcare schemes \| UNITED STATES
Movement
Beginning of year	(94)
End of year		(94)
Obligations of plans		(94)
Funded post-retirement healthcare schemes \| Rest of Group
Movement
End of year	(78)
Obligations of plans	(78)
Unfunded pension schemes
Movement
Beginning of year	(176)
End of year	(170)	(176)
Obligations of plans	(170)	(176)
Unfunded pension schemes \| UNITED STATES
Movement
Beginning of year	(60)
End of year		(60)
Obligations of plans		(60)
Unfunded pension schemes \| SWEDEN
Movement
Beginning of year	(3)
End of year	(3)	(3)
Obligations of plans	(3)	(3)
Unfunded pension schemes \| Rest of Group
Movement
End of year	(167)
Obligations of plans	(167)
Unfunded pension schemes \| Rest of group (prior to 2024 disaggregation)
Movement
Beginning of year	(113)
End of year		(113)
Obligations of plans		(113)
Unfunded post-retirement healthcare schemes
Movement
Beginning of year	(19)
End of year	(27)	(19)
Obligations of plans	(27)	(19)
Unfunded post-retirement healthcare schemes \| UK defined benefit plans
Movement
Beginning of year	(10)
End of year	(10)	(10)
Obligations of plans	(10)	(10)
Unfunded post-retirement healthcare schemes \| Rest of Group
Movement
End of year	(17)
Obligations of plans	(17)
Unfunded post-retirement healthcare schemes \| Rest of group (prior to 2024 disaggregation)
Movement
Beginning of year	$ (9)
End of year		(9)
Obligations of plans		$ (9)

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, 2024	Dec. 31, 2023	Dec. 31, 2022
Post-retirement benefits
Current service cost	$ (72)	$ (56)
Past service (cost)/credit	(9)	12
Expenses	(5)	(11)
Total charge to Operating profit	(86)	(55)
Interest income on scheme assets	262	300
Interest expense on post-retirement scheme obligations	(312)	(338)
Net interest on post-employment defined benefit plan liabilities	(50)	(38)	$ (29)
Charge before taxation	(136)	(93)
Other comprehensive income
Difference between the actual return and the expected return on the post-retirement scheme assets	(315)	(65)
Experience gains/(losses) arising on the post-retirement scheme obligations	(40)	(107)
Changes in financial assumptions underlying the present value of the post-retirement scheme obligations	436	(243)
Changes in demographic assumptions	(1)	9
Remeasurement of the defined benefit liability	80	(406)	$ 1,118
UK defined benefit plans
Post-retirement benefits
Current service cost	(6)	(6)
Past service (cost)/credit	(2)	12
Expenses	(5)	(9)
Total charge to Operating profit	(13)	(3)
Interest income on scheme assets	214	229
Interest expense on post-retirement scheme obligations	(231)	(239)
Net interest on post-employment defined benefit plan liabilities	(17)	(10)
Charge before taxation	(30)	(13)
Other comprehensive income
Difference between the actual return and the expected return on the post-retirement scheme assets	(370)	(59)
Experience gains/(losses) arising on the post-retirement scheme obligations	3	(25)
Changes in financial assumptions underlying the present value of the post-retirement scheme obligations	414	(142)
Changes in demographic assumptions	(1)	12
Remeasurement of the defined benefit liability	46	(214)
UNITED STATES
Post-retirement benefits
Current service cost		(2)
Expenses		(1)
Total charge to Operating profit		(3)
Interest income on scheme assets		22
Interest expense on post-retirement scheme obligations		(22)
Charge before taxation		(3)
Other comprehensive income
Difference between the actual return and the expected return on the post-retirement scheme assets		2
Experience gains/(losses) arising on the post-retirement scheme obligations		(2)
Changes in financial assumptions underlying the present value of the post-retirement scheme obligations		(10)
Remeasurement of the defined benefit liability		(10)
SWEDEN
Post-retirement benefits
Current service cost	(26)	(13)
Past service (cost)/credit	(8)	(2)
Total charge to Operating profit	(34)	(15)
Interest income on scheme assets	33	38
Interest expense on post-retirement scheme obligations	(47)	(50)
Net interest on post-employment defined benefit plan liabilities	(14)	(12)
Charge before taxation	(48)	(27)
Other comprehensive income
Difference between the actual return and the expected return on the post-retirement scheme assets	55	37
Experience gains/(losses) arising on the post-retirement scheme obligations	(33)	(67)
Changes in financial assumptions underlying the present value of the post-retirement scheme obligations	11	(135)
Changes in demographic assumptions	(1)
Remeasurement of the defined benefit liability	32	(165)
Rest of Group
Post-retirement benefits
Current service cost	(40)
Past service (cost)/credit	1
Total charge to Operating profit	(39)
Interest income on scheme assets	15
Interest expense on post-retirement scheme obligations	(34)
Net interest on post-employment defined benefit plan liabilities	(19)
Charge before taxation	(58)
Other comprehensive income
Experience gains/(losses) arising on the post-retirement scheme obligations	(10)
Changes in financial assumptions underlying the present value of the post-retirement scheme obligations	11
Changes in demographic assumptions	1
Remeasurement of the defined benefit liability	$ 2
Rest of group (prior to 2024 disaggregation)
Post-retirement benefits
Current service cost		(35)
Past service (cost)/credit		2
Expenses		(1)
Total charge to Operating profit		(34)
Interest income on scheme assets		11
Interest expense on post-retirement scheme obligations		(27)
Net interest on post-employment defined benefit plan liabilities		(16)
Charge before taxation		(50)
Other comprehensive income
Difference between the actual return and the expected return on the post-retirement scheme assets		(45)
Experience gains/(losses) arising on the post-retirement scheme obligations		(13)
Changes in financial assumptions underlying the present value of the post-retirement scheme obligations		44
Changes in demographic assumptions		(3)
Remeasurement of the defined benefit liability		$ (17)

Post-retirement pension and _11

Post-retirement pension and other defined benefit schemes - Pension cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Post-retirement pension and other defined benefit schemes
Defined contribution plans	$ 528	$ 482
Current service cost and Expenses	77	67
Past service cost/(credit)	9	(12)
Pension costs	$ 614	$ 537	$ 546

Post-retirement pension and _12

Post-retirement pension and other defined benefit schemes - Effect of change in significant actuarial assumptions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
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%
Effect of increase in actuarial assumption on defined benefit pension obligation	$ 329	$ 378
Actuarial assumption decrease (as a percent)	0.50%	0.50%
Effect of decrease in actuarial assumption on defined benefit pension obligation	$ (365)	$ (431)
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%
Effect of increase in actuarial assumption on defined benefit pension obligation	$ (267)	$ (305)
Actuarial assumption decrease (as a percent)	0.50%	0.50%
Effect of decrease in actuarial assumption on defined benefit pension obligation	$ 246	$ 288
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%
Effect of increase in actuarial assumption on defined benefit pension obligation	$ (46)	$ (46)
Actuarial assumption decrease (as a percent)	0.50%	0.50%
Effect of decrease in actuarial assumption on defined benefit pension obligation	$ 43	$ 42
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
Effect of increase in actuarial assumption on defined benefit pension obligation	$ (252)	$ (265)
Actuarial assumption decrease	1 year	1 year
Effect of decrease in actuarial assumption on defined benefit pension obligation	$ 229	$ 263
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	219	269
Effect of decrease in actuarial assumption on defined benefit pension obligation	(239)	(308)
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	(148)	(189)
Effect of decrease in actuarial assumption on defined benefit pension obligation	142	184
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	(178)	(214)
Effect of decrease in actuarial assumption on defined benefit pension obligation	175	212
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	89
Effect of decrease in actuarial assumption on defined benefit pension obligation, covered by longevity swap	(88)
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	110	109
Effect of decrease in actuarial assumption on defined benefit pension obligation	(126)	(123)
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	(119)	(116)
Effect of decrease in actuarial assumption on defined benefit pension obligation	104	104
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)	(46)
Effect of decrease in actuarial assumption on defined benefit pension obligation	43	42
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	(74)	(51)
Effect of decrease in actuarial assumption on defined benefit pension obligation	$ 54	$ 51

Post-retirement pension and _13

Post-retirement pension and other defined benefit schemes - Additional sensitivities in the UK and Sweden plans (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Discount rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Effect of increase in actuarial assumption on defined benefit pension obligation	$ (329)	$ (378)
Effect of decrease in actuarial assumption on defined benefit pension obligation	365	431
Inflation rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Effect of increase in actuarial assumption on defined benefit pension obligation	267	305
Effect of decrease in actuarial assumption on defined benefit pension obligation	$ (246)	$ (288)
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Reserves
Goodwill written off	$ 580	$ 595	$ 591
Number of shares deducted from retained earnings	442,342	1,580,137	1,671,446
Amount of shares deducted from retained earnings	$ 68	$ 129	$ 112

Reserves - Reconciliation (Deta

Reserves - Reconciliation (Details) £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 1999 USD ($)	Dec. 31, 1993 GBP (£)
Disclosure of reserves within equity
Foreign exchange arising on consolidation	$ (957)	$ 608	$ (1,446)
Foreign exchange arising on designated liabilities in net investment hedges	(122)	24	(282)
Fair value movements on derivatives designated in net investment hedges	39	44	(8)
Cumulative gain (loss) on cost of hedging	(43)	(22)	(3)
Gain (loss) on cost of hedging	(21)	(19)	(7)
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	(3,014)	(3,694)	(1,934)
Foreign exchange arising on consolidation	(957)	608	(1,446)
Exchange adjustments on goodwill (recorded against other reserves)	(15)	4	(24)
Foreign exchange arising on designated liabilities in net investment hedges	(122)	24	(282)
Fair value movements on derivatives designated in net investment hedges	39	44	(8)
Net exchange movement in Retained earnings	(1,055)	680	(1,760)
Cumulative translation differences included within Retained earnings, end of period	(4,069)	$ (3,014)	$ (3,694)
Bonds designated as hedged items in net investment hedges
Disclosure of reserves within equity
Foreign exchange arising on designated liabilities in net investment hedges	59
Contingent consideration and other liabilities designated as hedged items in net investment hedges
Disclosure of reserves within equity
Foreign exchange arising on designated liabilities in net investment hedges	(181)
Contingent consideration and other liabilities designated as hedged items in net investment hedges \| BMS's share of Global Diabetes Alliance
Disclosure of reserves within equity
Foreign exchange arising on designated liabilities in net investment hedges	$ (180)

Share capital (Details)

Share capital (Details)	12 Months Ended			144 Months Ended
Share capital (Details)	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2024 GBP (£) £ / shares shares	Dec. 31, 2023 GBP (£) £ / shares shares	Dec. 31, 2022 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	$ 388,000,000	$ 387,000,000	$ 388,000,000
Shares repurchased				$ 0
Number of shares in the Company held by subsidiaries \| shares	442,342	1,580,137	1,671,446	442,342	442,342	1,580,137	1,671,446
Own shares held at cost	$ 68,000,000	$ 129,000,000	$ 112,000,000	$ 68,000,000
Market value of own shares held	$ 58,000,000			$ 58,000,000
Ordinary 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	$ 388,000,000	$ 387,000,000	$ 388,000,000
Number of shares outstanding at beginning of period \| shares	1,550,162,626	1,549,800,030	1,549,400,665
Issue of shares (share schemes) \| shares	383,613	362,596	399,365
Number of shares outstanding at end of period \| shares	1,550,546,239	1,550,162,626	1,549,800,030	1,550,546,239
Shares repurchased	$ 0	$ 0	$ 0
Preference shares
Disclosure of classes of share capital
Par value per ordinary share \| £ / shares					£ 1	£ 1	£ 1
Share capital \| £					£ 50,000	£ 50,000	£ 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
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends to shareholders
Second interim	$ 3,052	$ 3,047	$ 3,046
First interim	1,550	1,440	1,440
Total	$ 4,602	$ 4,487	$ 4,486
Second interim, per share	$ 1.97	$ 1.97	$ 1.97
First interim, per share	1	0.93	0.93
Total, per share	$ 2.97	$ 2.9	$ 2.9
Unclaimed dividends, forfeiture period	12 years
Unclaimed dividends forfeited and adjusted for in retained earnings		$ 0	$ 1

Dividends to shareholders - Div

Dividends to shareholders - Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Sep. 09, 2024	Mar. 25, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends to shareholders
Dividends charged to equity			$ 4,602	$ 4,487	$ 4,486
Exchange losses on payment of dividend			3	5	5
Hedge contracts relating to dividend payments			16	(19)	(127)
Dividends paid to non-controlling interests			4	4
Net movement of unclaimed dividends in the year			4	4
Dividends paid (cash flow statement)			$ 4,629	$ 4,481	$ 4,364
Dividends paid (per share)	$ 1	$ 1.97

Non-controlling interests (Deta

Non-controlling interests (Details) - USD ($) $ in Millions	12 Months Ended
Non-controlling interests (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of subsidiaries [line items]
Equity attributable to non-controlling interests	$ 85	$ 23	$ 21
Equity	40,871	39,166	37,058	$ 39,287
Total comprehensive income (losses)	5	6	2
Results attributable to non-controlling interests	$ 6	$ 6	$ 5
Acerta Pharma Bv [Member]
Disclosure of subsidiaries [line items]
Percentage of equity owned in subsidiaries	100%
Caelum Biosciences Inc.
Disclosure of subsidiaries [line items]
Percentage of equity owned in subsidiaries	100%

Acquisitions of business oper_3

Acquisitions of business operations - Gracell Biotechnologies Inc. (Details) - Gracell $ in Millions	Feb. 22, 2024 USD ($)
Disclosure of detailed information about business combination [line items]
Intangible assets	$ 1,038
Cash and cash equivalents	212
Net deferred tax liability	(260)
Other immaterial net balances	(89)
Total net assets acquired	901
Goodwill	136
Consideration	1,037
Cash transferred	983
Contingent consideration	54
Marketable securities recognised as of acquisition date	$ 3

Acquisitions of business oper_4

Acquisitions of business operations - Fusion Pharmaceuticals Inc. (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Jun. 04, 2024	Dec. 31, 2024	Dec. 31, 2024
FPI-2059
Disclosure of detailed information about business combination [line items]
Impairment charges		$ 165	$ 165
Fusion
Disclosure of detailed information about business combination [line items]
Intangible assets	$ 1,326
Cash and cash equivalents	30
Current investments	87
Net deferred tax liability	(246)
Other immaterial net balances	51
Total net assets acquired	1,248
Goodwill	947
Consideration	2,195
Cash transferred	2,027
Contingent consideration	$ 144
Percentage of ownership interests held in acquiree immediately prior to business combination	1%
Fair value of ownership interests in acquiree immediately prior to business combination	$ 24
Proceeds from disposal of ownership interests held in acquiree immediately prior to business combination	24
Fusion \| FPI-2265
Disclosure of detailed information about business combination [line items]
Intangible assets	848
Fusion \| FPI-2059
Disclosure of detailed information about business combination [line items]
Intangible assets	165
Fusion \| AZD2068
Disclosure of detailed information about business combination [line items]
Intangible assets	$ 313

Acquisitions of business oper_5

Acquisitions of business operations - 2023 and 2022 (Details) - USD ($) $ in Millions	Dec. 31, 2024	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
Contingent milestones-based consideration and non-contingent consideration payable	$ 120
Goodwill		158
Intangible assets recognised in business combination		$ 100

Financial risk management obj_3

Financial risk management objectives and policies - Hedge accounting (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about hedging instruments [line items]
Borrowings	$ 30,295	$ 28,622	$ 29,232
Hedging instrument
Total carrying value	(30,295)	(28,622)	(29,232)
Hedged item
Net cash inflow	30	97	(114)
Floating rate
Hedging instrument
Total carrying value	5,617	5,942	6,078
Fair value hedges
Hedging instrument
Total carrying value	(1,468)
Cash flow hedges
Hedging instrument
Total carrying value	$ (2,387)	$ (3,530)	$ (1,802)

Financial risk management obj_4

Financial risk management objectives and policies - Capital management (Details) - USD ($) $ in Millions	12 Months Ended			144 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Financial risk management objectives and policies
Purchase of treasury shares				$ 0
Increase (decrease) in net debt	$ 2,060
Net debt	24,570	$ 22,510		24,570
Borrowings	30,295	28,622	$ 29,232	$ 30,295
Repayment of loans	4,652	4,942	$ 1,271
Proceeds from borrowings	$ 6,492	$ 3,816

Financial risk management obj_5

Financial risk management objectives and policies - Liquidity risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2025	Dec. 31, 2021
Maturity analysis of financial liabilities
Cash and cash equivalents	$ 5,488	$ 5,840	$ 6,166
Short-term fixed income investments	37
Fixed deposits			64
Overdrafts	59	203	183
Undrawn committed bank facilities	4,875
Total financial liabilities, undiscounted cash flows	64,574	62,488	64,071
Derivative financial instruments	50	156	93
Derivative financial instruments	54	116	87
Effect of interest	(9,448)	(8,352)	(8,019)
Effect of discounting, fair values and issue costs	(667)	(630)	(3,414)
Financial instruments after effects of interest and discounting, fair values and issue costs	54,459	53,506	52,638
Issue of Ordinary Shares	38	34	29
Contingent consideration	1,751	2,137	2,222		$ 2,865
Borrowings	30,295	28,622	29,232
Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	248	(93)	48
Effect of interest	(260)	(55)	(22)
Effect of discounting, fair values and issue costs	(59)	(2)	70
Financial instruments after effects of interest and discounting, fair values and issue costs	(71)	(150)	96
Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(21,356)	(14,946)	(15,062)
Effect of interest	808	589	227
Effect of discounting, fair values and issue costs	36	44	63
Financial instruments after effects of interest and discounting, fair values and issue costs	(20,512)	(14,313)	(14,772)
Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	21,604	14,853	15,110
Effect of interest	(1,068)	(644)	(249)
Effect of discounting, fair values and issue costs	(95)	(46)	7
Financial instruments after effects of interest and discounting, fair values and issue costs	20,441	14,163	14,868
Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	64,326	62,581	64,023
Effect of interest	(9,188)	(8,297)	(7,997)
Effect of discounting, fair values and issue costs	(608)	(628)	(3,484)
Financial instruments after effects of interest and discounting, fair values and issue costs	54,530	53,656	52,542
Bank overdrafts and other loans
Maturity analysis of financial liabilities
Non-derivative financial instruments	345	542	365
Effect of interest	(15)	(27)	(15)
Financial instruments after effects of interest and discounting, fair values and issue costs	330	515	350
Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	37,839	35,417	36,024
Effect of interest	(9,173)	(8,270)	(7,982)
Effect of discounting, fair values and issue costs	(153)	(168)	(113)
Financial instruments after effects of interest and discounting, fair values and issue costs	28,513	26,979	27,929
Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	1,700	1,279	1,025
Effect of discounting, fair values and issue costs	(248)	(151)	(72)
Financial instruments after effects of interest and discounting, fair values and issue costs	1,452	1,128	953
Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	24,442	25,343	26,609
Effect of discounting, fair values and issue costs	(207)	(309)	(3,299)
Financial instruments after effects of interest and discounting, fair values and issue costs	24,235	25,034	23,310
Due within one year
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	26,342	28,789	25,489
Borrowings	2,700
Due within one year \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	55	64	33
Due within one year \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(16,227)	(11,302)	(12,445)
Due within one year \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	16,282	11,366	12,478
Due within one year \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	26,287	28,725	25,456
Due within one year \| Bank overdrafts and other loans
Maturity analysis of financial liabilities
Non-derivative financial instruments	345	542	365
Due within one year \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	3,045	5,469	5,777
Due within one year \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	396	313	249
Due within one year \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	22,501	22,401	19,065
In one to two years
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	4,911	4,521	7,593
In one to two years \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	43	14	66
In one to two years \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(207)	(100)	(1,012)
In one to two years \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	250	114	1,078
In one to two years \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	4,868	4,507	7,527
In one to two years \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	3,437	2,764	5,233
In one to two years \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	345	261	208
In one to two years \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	1,086	1,482	2,086
In two to three years
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	4,080	4,148	3,656
In two to three years \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	39	15	4
In two to three years \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(917)	(164)	(34)
In two to three years \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	956	179	38
In two to three years \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	4,041	4,133	3,652
In two to three years \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	3,670	3,137	2,608
In two to three years \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	266	208	172
In two to three years \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	105	788	872
In three to four years
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	5,001	2,952	3,706
In three to four years \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	103	(41)
In three to four years \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(941)	(924)	(103)
In three to four years \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	1,044	883	103
In three to four years \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	4,898	2,993	3,706
In three to four years \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	3,978	2,230	2,983
In three to four years \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	170	138	128
In three to four years \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments	750	625	595
In four to five years
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	3,759	3,944	2,168
In four to five years \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	(138)	22	3
In four to five years \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(627)	(949)	(32)
In four to five years \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	489	971	35
In four to five years \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	3,897	3,922	2,165
In four to five years \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	3,780	3,822	1,267
In four to five years \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	117	88	84
In four to five years \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments		12	814
In more than five years
Maturity analysis of financial liabilities
Total financial liabilities, undiscounted cash flows	20,481	18,134	21,459
In more than five years \| Derivatives
Maturity analysis of financial liabilities
Total derivative financial instruments payable (receivable)	146	(167)	(58)
In more than five years \| Derivative assets
Maturity analysis of financial liabilities
Derivative financial instruments receivable	(2,437)	(1,507)	(1,436)
In more than five years \| Derivative liabilities
Maturity analysis of financial liabilities
Derivative financial instruments payable	2,583	1,340	1,378
In more than five years \| Total non-derivative financial instruments
Maturity analysis of financial liabilities
Non-derivative financial instruments	20,335	18,301	21,517
In more than five years \| Bonds, non-derivative
Maturity analysis of financial liabilities
Non-derivative financial instruments	19,929	17,995	18,156
In more than five years \| Lease liabilities
Maturity analysis of financial liabilities
Non-derivative financial instruments	406	271	184
In more than five years \| Trade and other payables
Maturity analysis of financial liabilities
Non-derivative financial instruments		$ 35	$ 3,177
Due April 2029
Maturity analysis of financial liabilities
Undrawn committed bank facilities	4,900
Due April 2030 \| Extension of term of committed bank facility
Maturity analysis of financial liabilities
Undrawn committed bank facilities				$ 4,875
Euro medium term note programme
Maturity analysis of financial liabilities
Debt instruments issued	5,122
SEC registered programme
Maturity analysis of financial liabilities
Debt instruments issued	$ 23,350

Financial risk management obj_6

Financial risk management objectives and policies - Market risk (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial instruments by interest rate
Borrowings	$ 30,295	$ 28,622	$ 29,232
Total financial liabilities	30,295	28,622	29,232
Fixed deposits			64
Cash collateral pledged to counterparties	129	102	162
Cash and cash equivalents	5,488	5,840	6,166
Non-interest bearing investments and other financial assets	11,115	11,288	9,546
Interest-bearing financial instruments
Disclosure of financial instruments by interest rate
Fixed deposits			64
Cash collateral pledged to counterparties	129	102	162
Cash and cash equivalents	5,488	5,840	6,166
Total financial assets	5,617	5,942	6,392
Fixed rate
Disclosure of financial instruments by interest rate
Fixed deposits			64
Cash and cash equivalents			250
Total financial assets			314
Floating rate
Disclosure of financial instruments by interest rate
Cash collateral pledged to counterparties	129	102	162
Cash and cash equivalents	5,488	5,840	5,916
Total financial assets	5,617	5,942	6,078
Fair value hedges
Disclosure of financial instruments by interest rate
Total financial liabilities	$ 1,468
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	$ 2,676	5,400	5,542
Non-current financial liabilities	27,619	23,222	23,690
Total financial liabilities	30,295	28,622	29,232
Interest-Bearing Loans and Borrowings \| Fixed rate
Disclosure of financial instruments by interest rate
Current financial liabilities	2,346	2,885	2,476
Non-current financial liabilities	26,151	23,222	21,511
Total financial liabilities	28,497	26,107	23,987
Interest-Bearing Loans and Borrowings \| Floating rate
Disclosure of financial instruments by interest rate
Current financial liabilities	330	2,515	3,066
Non-current financial liabilities	1,468		2,179
Total financial liabilities	$ 1,798	$ 2,515	$ 5,245

Financial risk management obj_7

Financial risk management objectives and policies - Market risk on equity securities (Details) - Equity securities - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of financial assets [line items]
Equity securities at fair value through Other comprehensive income	$ 1,632	$ 1,530	$ 1,056
Non-current fixed income securities at fair value through profit and loss			10
Total	$ 1,632	$ 1,530	$ 1,066

Financial risk management obj_8

Financial risk management objectives and policies - Foreign currency risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) country	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Foreign currency risk
Number of hyperinflationary countries in which group operates \| country	3
Borrowings	$ 30,295	$ 28,622	$ 29,232
Cash	$ 1,215	$ 1,325	$ 1,411
Maximum
Foreign currency risk
Typical currency exposure period on working capital balances	3 months
All currencies excluding USD
Foreign currency risk
Percentage of entity's revenue	60%
GBP \| Net investment hedges \| Borrowings
Foreign currency risk
Hedging instrument, liabilities	$ 438
Euro \| Fair value hedges \| Borrowings
Foreign currency risk
Hedged item, liabilities	1,468
Euro \| Net investment hedges \| Borrowings
Foreign currency risk
Hedging instrument, liabilities	829
Euro \| Cash flow hedges \| Borrowings
Foreign currency risk
Hedged item, liabilities	2,387
Interest rates
Foreign currency risk
Increase (decrease) in interest expense due to reasonably possible increase in risk assumption	18
Increase (Decrease) in interest income due to reasonably possible increase in risk assumption	$ 56
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	$ 1,407	$ 1,361	$ 1,317
Increase/(decrease) in fair value of financial instruments ($m) due to decrease in risk component	$ (1,561)	$ (1,534)	$ (1,490)
Foreign exchange risk
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	$ 11	$ 196	$ 81
Increase/(decrease) in fair value of financial instruments ($m) due to decrease in risk component	(20)	(212)	(89)
Impact on profit: (loss)/gain ($m) due to increase in risk component	(117)	134	26
Impact on profit: (loss)/gain ($m) due to decrease in risk component	133	(128)	(15)
Impact on equity: gain/(loss) ($m) due to increase in risk component	128	62	55
Impact on equity: gain/(loss) ($m) due to decrease in risk component	$ (152)	$ (83)	$ (74)
Foreign exchange risk \| USD
Foreign currency risk
Reasonably possible increase in risk assumption	10%
Reasonably possible decrease in risk assumption	10%
Foreign exchange risk \| GBP
Foreign currency risk
Borrowings	$ 548
Foreign exchange risk \| Euro
Foreign currency risk
Borrowings	$ 4,876

Financial risk management obj_9

Financial risk management objectives and policies - Credit risk (Details) $ in Millions	12 Months Ended			36 Months Ended
	Dec. 31, 2024 USD ($) customer item	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2024 USD ($)
Current assets
Cash at bank and in hand	$ 1,215	$ 1,325	$ 1,411	$ 1,215
Other short-term equivalents	4,273	4,515	4,755	4,273
Cash and cash equivalents	5,488	5,840	6,166	5,488
Cash collateral pledged to counterparties	129	102	162	129
Fixed deposits			64
Derivative financial instruments	54	116	87	54
Non-current assets
Derivative financial instruments	$ 182	$ 228	$ 74	$ 182
Credit risk
Number of significant wholesalers \| customer	1	1	1
AAA rating
Credit risk
Number of fund managers for money market securities	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
US \| All major wholesalers
Credit risk
Percentage of sales	74%	80%	73%
Trade receivables \| Cost
Non-current assets
Financial assets	$ 8,335	$ 8,452	$ 7,271	$ 8,335
Movements in provisions for trade receivables
At 1 January	(8,452)	(7,271)
At 31 December	(8,335)	(8,452)	(7,271)	(8,335)
Trade receivables \| Loss allowance
Non-current assets
Financial assets	(33)	(45)	(59)	(33)
Movements in provisions for trade receivables
At 1 January	45	59	23	23
Income statement	(3)	(14)	37
Amounts utilised, exchange and other movements	(9)		(1)
At 31 December	$ 33	$ 45	$ 59	$ 33
Trade receivables \| Not past due
Non-current assets
Expected loss rate	0.01%	0.01%	0.03%	0.01%
Trade receivables \| Not past due \| Cost
Non-current assets
Financial assets	$ 7,679	$ 7,709	$ 6,791	$ 7,679
Movements in provisions for trade receivables
At 1 January	(7,709)	(6,791)
At 31 December	(7,679)	(7,709)	(6,791)	(7,679)
Trade receivables \| Not past due \| Loss allowance
Non-current assets
Financial assets	(1)	(1)	(2)	(1)
Movements in provisions for trade receivables
At 1 January	1	2
At 31 December	$ 1	$ 1	$ 2	$ 1
Trade receivables \| Past due 0 - 90 days
Non-current assets
Expected loss rate	0.60%	0.30%	0.30%	0.60%
Trade receivables \| Past due 0 - 90 days \| Cost
Non-current assets
Financial assets	$ 171	$ 342	$ 331	$ 171
Movements in provisions for trade receivables
At 1 January	(342)	(331)
At 31 December	(171)	(342)	(331)	(171)
Trade receivables \| Past due 0 - 90 days \| Loss allowance
Non-current assets
Financial assets	(1)	(1)	(1)	(1)
Movements in provisions for trade receivables
At 1 January	1	1
At 31 December	$ 1	$ 1	$ 1	$ 1
Trade receivables \| Past due 90 - 180 days
Non-current assets
Expected loss rate	3.50%	0.80%	32%	3.50%
Trade receivables \| Past due 90 - 180 days \| Cost
Non-current assets
Financial assets	$ 86	$ 121	$ 50	$ 86
Movements in provisions for trade receivables
At 1 January	(121)	(50)
At 31 December	(86)	(121)	(50)	(86)
Trade receivables \| Past due 90 - 180 days \| Loss allowance
Non-current assets
Financial assets	(3)	(1)	(16)	(3)
Movements in provisions for trade receivables
At 1 January	1	16
At 31 December	$ 3	$ 1	$ 16	$ 3
Trade receivables \| Past due > 180 days
Non-current assets
Expected loss rate	7%	15%	40.60%	7%
Trade receivables \| Past due > 180 days \| Cost
Non-current assets
Financial assets	$ 399	$ 280	$ 99	$ 399
Movements in provisions for trade receivables
At 1 January	(280)	(99)
At 31 December	(399)	(280)	(99)	(399)
Trade receivables \| Past due > 180 days \| Loss allowance
Non-current assets
Financial assets	(28)	(42)	(40)	(28)
Movements in provisions for trade receivables
At 1 January	42	40
At 31 December	28	42	40	$ 28
Provisions for trade receivables \| Trade receivables
Non-current assets
Payment profile period (in months)				36 months
Credit risk
Current assets
Cash at bank and in hand	1,215	1,325	1,411	$ 1,215
Money market liquidity fund	4,177	4,425	4,486	4,177
Other short-term equivalents	96	90	269	96
Cash and cash equivalents	5,488	5,840	6,166	5,488
Fixed income securities at fair value through profit and loss	37	20	13	37
Cash collateral pledged to counterparties	129	102	162	129
Fixed deposits			64
Derivative financial instruments	54	116	87	54
Current assets subject to credit risk	5,708	6,078	6,492	5,708
Non-current assets
Derivative financial instruments	182	228	74	182
Non-current assets subject to credit risk	$ 182	$ 228	$ 74	$ 182

Financial risk management ob_10

Financial risk management objectives and policies - Other financial assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financial risk management objectives and policies
Cash collateral on derivatives held by group	$ 181	$ 215	$ 89
Cash collateral on derivatives posted by group	$ 129	$ 102	$ 162

Financial risk management ob_11

Financial risk management objectives and policies - Offsetting of financial assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Gross financial assets	$ 365	$ 446	$ 323
Related amounts not offset - Subject to master netting agreement	(45)	(107)	(29)
Related amounts not offset - Financial instrument collateral	(281)	(268)	(222)
Net Amount	39	71	72
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Gross financial liabilities	(346)	(409)	(346)
Related amounts not offset - Subject to master netting agreement	45	107	29
Related amounts not offset - Financial instrument collateral	281	268	222
Net Amount	(20)	(34)	(95)
Derivatives
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Gross financial liabilities	(165)	(194)	(257)
Related amounts not offset - Subject to master netting agreement	45	107	29
Related amounts not offset - Financial instrument collateral	112	65	161
Net Amount	(8)	(22)	(67)
Other payables
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Gross financial liabilities	(181)	(215)	(89)
Related amounts not offset - Financial instrument collateral	169	203	61
Net Amount	(12)	(12)	(28)
Derivatives
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Gross financial assets	236	344	161
Related amounts not offset - Subject to master netting agreement	(45)	(107)	(29)
Related amounts not offset - Financial instrument collateral	(169)	(203)	(61)
Net Amount	22	34	71
Other investments
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract]
Gross financial assets	129	102	162
Related amounts not offset - Financial instrument collateral	(112)	(65)	(161)
Net Amount	$ 17	$ 37	$ 1

Financial risk management ob_12

Financial risk management objectives and policies - Continuing designated hedge relationships (Details) € in Millions, ¥ in Millions, ¥ in Millions, £ in Millions, kr in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) kr / $ € / $ ¥ / $ ¥ / $ Option £ / $	Dec. 31, 2023 USD ($) € / $ ¥ / $ ¥ / $	Dec. 31, 2022 USD ($) ¥ / $ ¥ / $ € / $	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 JPY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 GBP (£)	Dec. 31, 2024 SEK (kr)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 JPY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 GBP (£)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 JPY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 GBP (£)
Disclosure of detailed information about hedging instruments [line items]
Hedge ratio for group's existing hedge relationships				1	1	1	1	1	1
Number of derivative options held during the year \| Option	0
Net investment hedges \| Non-callable bond, 0.375% due 2029
Disclosure of detailed information about hedging instruments [line items]
Hedged item, liabilities \| €				€ 800
Borrowings, interest rate				0.375%	0.375%	0.375%	0.375%	0.375%	0.375%
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 amount in local currency \| €				€ 2,300						€ 3,200					€ 1,700
Carrying value					$ (36)						$ 49					$ (160)
Average USD FX rate \| € / $	1.08	1.1	1.14
Average pay interest rate				4.24%	4.24%	4.24%	4.24%	4.24%	4.24%	3.80%	3.80%	3.80%	3.80%	3.80%	2.85%	2.85%	2.85%	2.85%	2.85%
Notional amount \| €				€ 2,300						€ 3,200					€ 1,700
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	$ (37)	$ 34	$ 27
Fair value (gain)/loss deferred to OCI	151	(210)	118
Fair value (gain)/loss recycled to the Income statement	(180)	139	(111)
Other comprehensive income, closing balance	$ (66)	$ (37)	$ 34
Cross currency interest rate swap - JPY investment \| Net investment hedges \| Foreign exchange risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amount in local currency \| ¥						¥ 58,300						¥ 58,300					¥ 58,300
Carrying value					$ 146						$ 100					$ 55
Average USD FX rate \| ¥ / $	108.03	108.03	108.03
Average pay interest rate				1.53%	1.53%	1.53%	1.53%	1.53%	1.53%	1.53%	1.53%	1.53%	1.53%	1.53%	1.53%	1.53%	1.53%	1.53%	1.53%
Notional amount \| ¥						¥ 58,300						¥ 58,300					¥ 58,300
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	$ (100)	$ (55)	$ (62)
Fair value (gain)/loss deferred to OCI	(45)	(45)	7
Other comprehensive income, closing balance	$ (145)	$ (100)	$ (55)
Cross currency interest rate swap - CNY investment \| Net investment hedges \| Foreign exchange risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amount in local currency \| ¥							¥ 458						¥ 458					¥ 458
Carrying value					$ 2						$ (1)					$ (4)
Average USD FX rate \| ¥ / $	6.68	6.68	6.68
Average pay interest rate				4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%
Notional amount \| ¥							¥ 458						¥ 458					¥ 458
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	$ 1	$ 4	$ 2
Fair value (gain)/loss deferred to OCI	(4)	(3)	2
Other comprehensive income, closing balance	$ (3)	1	4
FX Forwards short term FX risk \| Cash flow hedges \| Sweden, Kronor
Disclosure of detailed information about hedging instruments [line items]
Nominal amount in local currency \| kr									kr 10,792
Average USD FX rate \| kr / $	10.9999
Notional amount \| kr									kr 10,792
FX Forwards short term FX risk \| Cash flow hedges \| Japan, Yen
Disclosure of detailed information about hedging instruments [line items]
Nominal amount in local currency \| ¥						¥ 31,013
Average USD FX rate \| ¥ / $	156.195
Notional amount \| ¥						¥ 31,013
FX Forwards short term FX risk \| Cash flow hedges \| United Kingdom, Pounds
Disclosure of detailed information about hedging instruments [line items]
Nominal amount in local currency \| £								£ 168
Average USD FX rate \| £ / $	0.7962
Notional amount \| £								168
FX Forwards short term FX risk \| Cash flow hedges \| Euro Member Countries, Euro
Disclosure of detailed information about hedging instruments [line items]
Nominal amount in local currency \| €				€ 375
Average USD FX rate \| € / $	0.9605
Notional amount \| €				€ 375
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 amount in local currency					$ 2,252						$ 2,009					$ 1,126
Carrying value					4						15					(12)
Notional amount					2,252						2,009					1,126
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	$ (15)	12	(12)
Fair value (gain)/loss deferred to OCI	8	(33)	(14)
Fair value (gain)/loss recycled to the Income statement	3	6	38
Other comprehensive income, closing balance	(4)	(15)	12
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)
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)	(527)
Other comprehensive income, closing balance	(527)	(527)	(527)
Foreign currency borrowing - GBP investment \| Net investment hedges \| Foreign exchange risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amount in local currency \| £								£ 350						£ 350					£ 350
Carrying value					$ 438						$ 444					$ 420
Average pay interest rate				5.75%	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%	5.75%
Notional amount \| £								£ 350						£ 350					£ 350
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	(264)	(288)	(238)
Fair value (gain)/loss deferred to OCI	(7)	24	(50)
Other comprehensive income, closing balance	(271)	(264)	(288)
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 amount in local currency \| €				€ 800						€ 800					€ 800
Carrying value					$ 829						$ 881					$ 846
Average pay interest rate				0.38%	0.38%	0.38%	0.38%	0.38%	0.38%	0.38%	0.38%	0.38%	0.38%	0.38%	0.38%	0.38%	0.38%	0.38%	0.38%
Notional amount \| €				€ 800						€ 800					€ 800
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	(69)	(102)	(50)
Fair value (gain)/loss deferred to OCI	(52)	33	(52)
Other comprehensive income, closing balance	(121)	(69)	(102)
Contingent consideration liabilities and Acerta Pharma share purchase liability - AZUK and AZAB USD investments \| Net investment hedges \| Foreign exchange risk
Disclosure of detailed information about hedging instruments [line items]
Nominal amount in local currency					$ 1,367						$ 1,937					$ 2,093
Carrying value					(1,367)						(1,937)					(2,093)
Notional amount					$ 1,367						$ 1,937					$ 2,093
Contingent consideration liabilities and Acerta Pharma share purchase 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	2,135	2,216	1,832
Fair value (gain)/loss deferred to OCI	181	(81)	384
Other comprehensive income, closing balance	$ 2,316	$ 2,135	$ 2,216

Financial risk management ob_13

Financial risk management objectives and policies - Hedge ineffectiveness (Details) - 12 months ended Dec. 31, 2024 - Foreign currency and interest rate risk - Instruments hedging risk on finance debt € in Millions, $ in Millions	USD ($)	EUR (€)
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items]
Notional amount \| €		€ 1,400
Change in fair value of hedging instrument used to calculate ineffectiveness	$ (56)
Change in fair value of hedging item used to calculate ineffectiveness	54
Hedge ineffectiveness recognised in profit & loss	$ (2)

Employee costs and share plan_3

Employee costs and share plans for employees - Employee numbers (Details) - employee	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of geographical location
Average number of employees	92,900	86,400	82,000
Number of employees	94,300	89,900	83,500
UNITED KINGDOM
Disclosure of geographical location
Average number of employees	11,100	10,700	9,800
Europe
Disclosure of geographical location
Average number of employees	25,500	23,000	20,600
The Americas
Disclosure of geographical location
Average number of employees	24,700	22,400	20,900
Asia, Africa And Australasia
Disclosure of geographical location
Average number of employees	31,600	30,300	30,700

Employee costs and share plan_4

Employee costs and share plans for employees - Employee costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee costs and share plans for employees
Wages and salaries	$ 10,340	$ 9,341	$ 8,656
Social security costs	1,224	1,100	991
Pension costs	614	537	546
Other employment costs	1,531	1,357	1,338
Total employee benefits expense	13,709	12,335	11,531
Severance costs	$ 283	$ 123	$ 227

Employee costs and share plan_5

Employee costs and share plans for employees - Bonus and share plans (Details) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	Jun. 09, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) plan	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Bonus and share plans
Payments made to the EBT upon the vesting of share awards			$ 660	$ 579	$ 619
Payments to acquire or redeem entity's shares		$ 81	81
Expense from share-based payment transactions with employees			$ 660	$ 579	$ 619
Share-based payment arrangements via Employee Benefit Trust prior to consolidation
Bonus and share plans
Payments made to the EBT upon the vesting of share awards	$ 354
Bonus plans \| UNITED STATES
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, 2024	GBP (£) shares	USD ($) shares
AstraZeneca Share Incentive Plan (SIP) \| UNITED KINGDOM
Share plans
Number of shares awarded for every four shares purchased \| shares	1	1
AstraZeneca Share Incentive Plan (SIP) \| Maximum \| UNITED KINGDOM
Share plans
Monthly investment per individual participant to purchase partnership shares at current market value \| £	£ 150
AstraZeneca Sharesave Plan \| Minimum
Share plans
Length of savings contracts that employees can choose between	3 years	3 years
Monthly contribution by scheme participants		$ 5
AstraZeneca Sharesave Plan \| Maximum
Share plans
Length of savings contracts that employees can choose between	5 years	5 years
Monthly contribution by scheme participants		$ 500
Swedish all-employee performance bonus plan
Share plans
Percentage of bonuses invested in entity's own equities	50%	50%
Percentage of bonuses paid in cash	50%	50%

Employee costs and share plan_7

Employee costs and share plans for employees - Share plans (Details)	12 Months Ended
	Dec. 31, 2024
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, 2024 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	4
Number of employees granted awards	537
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, 2024 GBP (£) EquityInstruments	Dec. 31, 2024 USD ($) EquityInstruments	Dec. 31, 2023 GBP (£) EquityInstruments	Dec. 31, 2023 USD ($) EquityInstruments	Dec. 31, 2022 GBP (£) EquityInstruments	Dec. 31, 2022 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	3,645	3,645	3,630	3,630	3,459	3,459
Granted	1,064	1,064	976	976	1,059	1,059
Forfeited	(137)	(137)	(148)	(148)	(132)	(132)
Cancelled	(2)	(2)
Exercised	(999)	(999)	(813)	(813)	(756)	(756)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	3,571	3,571	3,645	3,645	3,630	3,630
Weighted average fair value - granted \| £	£ 90.28		£ 99.29		£ 83.28
Ordinary shares \| AstraZeneca Global Restricted Stock Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	2,897	2,897	2,469	2,469	2,028	2,028
Granted	1,262	1,262	1,185	1,185	1,237	1,237
Forfeited	(235)	(235)	(187)	(187)	(190)	(190)
Exercised	(755)	(755)	(570)	(570)	(606)	(606)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	3,169	3,169	2,897	2,897	2,469	2,469
Weighted average fair value - granted \| £	£ 100.85		£ 108.22		£ 91.67
Ordinary shares \| AstraZeneca Restricted Share Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	335	335	233	233	255	255
Granted	100	100	208	208	75	75
Forfeited	(8)	(8)	(20)	(20)	(25)	(25)
Cancelled	(1)	(1)
Exercised	(88)	(88)	(86)	(86)	(72)	(72)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	338	338	335	335	233	233
Weighted average fair value - granted \| £	£ 111.11		£ 111.35		£ 98.94
Ordinary shares \| Astrazeneca Extended Incentive Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	215	215	259	259	282	282
Granted			71	71
Forfeited	(31)	(31)	(8)	(8)	(23)	(23)
Exercised	(22)	(22)	(107)	(107)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	162	162	215	215	259	259
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	5,888	5,888	5,724	5,724	5,178	5,178
Granted	2,250	2,250	2,071	2,071	2,339	2,339
Forfeited	(400)	(400)	(437)	(437)	(570)	(570)
Cancelled	(2)	(2)
Exercised	(1,586)	(1,586)	(1,470)	(1,470)	(1,223)	(1,223)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	6,150	6,150	5,888	5,888	5,724	5,724
Weighted average fair value - granted \| $		$ 57.99		$ 59.95		$ 55.73
ADR shares \| AstraZeneca Global Restricted Stock Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	13,868	13,868	11,683	11,683	9,541	9,541
Granted	7,014	7,014	6,343	6,343	6,478	6,478
Forfeited	(1,414)	(1,414)	(1,417)	(1,417)	(1,627)	(1,627)
Cancelled	(6)	(6)	(3)	(3)	(3)	(3)
Exercised	(3,296)	(3,296)	(2,738)	(2,738)	(2,706)	(2,706)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	16,166	16,166	13,868	13,868	11,683	11,683
Weighted average fair value - granted \| $		$ 64.91		$ 65.38		$ 61.21
ADR shares \| AstraZeneca Restricted Share Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	767	767	678	678	763	763
Granted	699	699	436	436	216	216
Forfeited	(57)	(57)	(59)	(59)	(136)	(136)
Exercised	(352)	(352)	(288)	(288)	(165)	(165)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	1,057	1,057	767	767	678	678
Weighted average fair value - granted \| $		$ 75.23		$ 65.37		$ 63.35
ADR shares \| Astrazeneca Extended Incentive Plan
Share plans
Number of other equity instruments outstanding in share-based payment arrangement at beginning of period	247	247	195	195	195	195
Granted			95	95
Cancelled			(34)	(34)
Exercised			(9)	(9)
Number of other equity instruments outstanding in share-based payment arrangement at end of period	247	247	247	247	195	195
Weighted average fair value - granted \| $				$ 74.78

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 ($) shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2021 USD ($) shares
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		819,000	3,022,000		15,220,000
Number of other equity instruments exercised or vested in share-based payment arrangement		2,047,000	2,060,000	8,627,000
Number of other equity instruments forfeited in share-based payment arrangement		156,000	531,000	980,000
Additional vesting as percentage of deferred shares	15%
Number of awards deferred from employees accepting deferral option	1,780,000
Number of additional awards granted from employees accepting deferral option	267,000

Commitments, contingent liabi_3

Commitments, contingent liabilities and contingent assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments
Contracts placed for future capital expenditure on Property, plant and equipment and software development costs not provided for in these Financial Statements	$ 1,575	$ 1,368	$ 502

Commitments, contingent liabi_4

Commitments, contingent liabilities and contingent assets - Research and development (Details) $ in Millions	Dec. 31, 2024 USD ($)
Future potential research and development milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	$ 11,213
Future potential revenue milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	22,064
Due within one year \| Future potential research and development milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	1,993
Due within one year \| Future potential revenue milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	41
In one to two years \| Future potential research and development milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	2,823
In one to two years \| Future potential revenue milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	1,166
In three to four years \| Future potential research and development milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	3,291
In three to four years \| Future potential revenue milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	3,026
Years 5 and greater \| Future potential research and development milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	3,106
Years 5 and greater \| Future potential revenue milestone payments
Commitments and contingent liabilities
Effect of potential milestone payments	$ 17,831

Commitments, contingent liabi_5

Commitments, contingent liabilities and contingent assets - Environmental costs (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Environmental costs and liabilities \| Minimum
Commitments and contingent liabilities
Estimated financial effect of contingent liabilities	$ 113	$ 114	$ 113
Environmental costs and liabilities \| Maximum
Commitments and contingent liabilities
Estimated financial effect of contingent liabilities	190	191	188
Environmental
Commitments and contingent liabilities
Provisions	$ 105	$ 112	$ 131

Commitments, contingent liabi_6

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

1 Months Ended

2 Months Ended

12 Months Ended

36 Months Ended

Sep. 30, 2024

May 31, 2024 USD ($)

Jan. 31, 2024 patent

Dec. 31, 2023 USD ($)

Oct. 31, 2023 USD ($)

Sep. 30, 2023

Dec. 31, 2022 employee

Jul. 31, 2022

Apr. 30, 2022 USD ($)

Jul. 31, 2020 USD ($)

Aug. 31, 2017

Dec. 31, 2024 plaintiff patent

Dec. 31, 2021

Dec. 31, 2019

Dec. 31, 2021

Jan. 31, 2025 USD ($)

Aug. 31, 2019 subsidiary entity

Oct. 31, 2012

Soliris US patent proceedings