AstraZeneca has released its full year 2024 financial results, noting a 21% increase in total revenue to $54 billion last year compared to the previous year.
Oncology drugs remained the top contributor, boasting $6.3 billion in sales. The sales of oncology medications, such as Tagrisso (osimertinib) and Calquence (acalabrutinib), grew by 24% from 2023. Revenue from other portfolios, namely cardiovascular, renal and metabolism (CVRM), respiratory and immunology (R&I), vaccines and immune therapies (V&I), and rare diseases, increased by 20%, 25%, 8%, and 16%, respectively.
Following the release of results, AstraZeneca’s stock rose by 4.6% at market open today (6 February), compared to the market close on the previous day.
Top Sellers
AstraZeneca’s highest grossing drug was its sodium-glucose cotransporter 2 (SGLT2) inhibitor Farxiga/ Forxiga (dapagliflozin). It grossed $7.7 billion in revenue in 2024, up 31% from the previous year. Farxiga is approved to treat a variety of disorders including type 2 diabetes, heart failure, and chronic kidney disease.
The tyrosine kinase inhibitor, Tagrisso, was the top earner in the oncology portfolio, raking in $6.58 billion in sales last year. The therapy was first approved by the US Food and Drug Administration (FDA) to treat EGFR T790M mutation-positive non-small cell lung cancer (NSCLC). The US regulatory agency has since expanded its use in other NSCLC sub-populations.
Other high grossing oncology drugs included Calquence, Lynparza (olaparib), and Infinzi (durvalumab) raking in $3.1 billion, $3.7 billion, and $4.7 billion respectively. The British pharmaceutical giant’s partnership with Daiichi Sankyo has also been successful, with Enhertu (trastuzumab deruxtecan) sales increasing by 58% to about $2 billion in 2024.
AstraZeneca’s CEO, Pascal Soriot, touted sales growth, stating: “This marks the beginning of an unprecedented, catalyst-rich period for our company, an important step on our Ambition 2030 journey to deliver $80 billion Total Revenue by the end of the decade.”
“In 2025 alone, we anticipate the first Phase III data for seven new medicines, along with several important new indication opportunities for our existing medicines. We are also investing in and making significant progress with transformative technologies that have the potential to drive our growth well beyond 2030, many of which have now entered pivotal trials.”
AstraZeneca did not provide any concrete forecast for 2025, citing a total expected revenue growth of “high single digit” in 2025.
China Probe
AstraZeneca provided an update on the “illegal drug importation allegations” brought up against the company in China. Added that it received “a Notice of Transfer to the Prosecutor and an Appraisal Opinion from the Shenzhen City Customs Office regarding suspected unpaid importation taxes amounting to $0.9 million” in January.
“To the best of AstraZeneca’s knowledge, the importation taxes referred to in the Appraisal Opinion relate to Imfinzi and Imjudo. A fine of between one and five times the amount of unpaid importation taxes may also be levied if AstraZeneca is found liable. AstraZeneca continues to fully cooperate with the Chinese authorities.”
The company reaffirmed that Iskra Reic succeeds Leon Wang who is on extended leave from the Company while under investigation in China as of December 2024.
