AstraZeneca 2024 Financial Report: China Market $6.4 Billion, Dapagliflozin $7.7 Billion, Osimertinib $6.6 Billion

On February 6th, AstraZeneca released its 2024 performance results, with total revenue reaching $54.073 billion (+21%), of which product revenue was $50.938 billion (+19%). The company also invested $13.583 billion in research and development, marking a 25% increase year-on-year.

By region, the U.S. market generated $23.235 billion in revenue (+22%), emerging markets accounted for $13.675 billion (+22%), and China contributed $6.413 billion (+11%), representing 12% of AstraZeneca’s global market share.

AstraZeneca divides its business into five major segments: Oncology, CVRM (Cardiovascular, Renal, and Metabolic Diseases), Rare Diseases, Respiratory & Immunology (R&I), and Vaccines & Immune Therapies (V&I). These segments contributed $22.353 billion (+24%), $12.517 billion (+20%), $8.768 billion (+16%), $7.876 billion (+25%), and $1.462 billion (+8%) in revenue, respectively. Oncology is AstraZeneca's largest business segment, accounting for 41% of total product revenue.

In oncology, AstraZeneca has consolidated its market position in lung cancer and breast cancer with products like Tagrisso (Osimertinib), Imfinzi (Durvalumab), Lynparza (Olaparib), Calquence (Acalbrutinib), and Enhertu (Trastuzumab deruxtecan).

Tagrisso, Imfinzi, and Enhertu all achieved remarkable regulatory successes in 2024. Tagrisso received approval for two indications: EGFR Exon 19 deletion or Exon 21 L858R mutation type non-small cell lung cancer (NSCLC) and Stage III EGFR mutant NSCLC, fueling its sales growth. Imfinzi became the only immunotherapy drug approved for extensive-stage small cell lung cancer (ES-SCLC) and limited-stage small cell lung cancer (LS-SCLC), expanding its coverage to perioperative treatment for early-stage NSCLC patients. Enhertu secured three indications and added a new indication for HER2-low expressing breast cancer, providing comprehensive coverage for HER2-positive, HER2-low, and HER2-ultra-low expressing breast cancers. Thanks to these accomplishments, the revenues of these three products saw strong double-digit growth, with Enhertu generating $3.754 billion (including revenue reported by Daiichi Sankyo, +46%).

Additionally, AstraZeneca's second ADC product, Datroway (Daratumumab), was approved last month. Despite facing strong competition from Trodelvy (Sacituzumab govitecan), AstraZeneca has already mapped out a breakthrough strategy—targeting EGFR-mutant NSCLC and early-stage NSCLC. With Enhertu and Datroway, AstraZeneca’s position in the ADC space will continue to rise.

AstraZeneca's promising new oncology drug, Truqap (Capivasertib), has made a strong debut, reaching $430 million in sales during its first year on the market.

In the CVRM field, the flagship product Farxiga (Dapagliflozin) continues to demonstrate high revenue growth, with annual sales of $7.717 billion (+31%). Farxiga’s formulation patents and crystalline patents are set to expire between 2027 and 2028, and until then, it is expected to maintain a dominant position in the CVRM space and achieve higher peak sales. Notably, AstraZeneca has developed a series of combination therapies for Dapagliflozin to maximize its clinical value, including a combination treatment with finerenone for chronic kidney disease, which will further expand its impact in the heart-kidney field.

In addition to maximizing the value of Dapagliflozin, AstraZeneca is actively exploring new opportunities in the CVRM field. On one hand, AstraZeneca is advancing the development of products acquired through its previous acquisitions, such as Baxdrostat, an innovative antihypertensive drug obtained through its acquisition of CinCor Pharma, which will complete Phase III trials this year. On the other hand, AstraZeneca is also hunting for potential drugs, having entered into collaborations with three pharmaceutical companies in 2024, acquiring heart failure drug ION826, lipid-lowering drug YS2302018, and type 1 diabetes cell therapy QEL-002.

In the rare diseases field, the second-generation C5 monoclonal antibody Ultomiris (Ravulizumab) continues to perform well, with sales reaching $3.924 billion (+34%) in 2024, surpassing the first-generation drug Soliris (Eculizumab) and officially taking over. The neurofibromatosis drug Koselugo (Selumetinib) also performed outstandingly, reaching $631 million in sales (+96%). Notably, Koselugo is expected to expand its coverage to adult and pediatric neurofibromatosis patients this year, providing new growth potential. Additionally, the two proprietary enzyme replacement therapies, Strensiq (Asfotase Alfa) and Kanuma (Sebelipase Alfa), also delivered strong results, generating $1.625 billion in revenue.

In the Respiratory & Immunology (R&I) field, AstraZeneca’s products performed well, such as the COPD triple combination Breztri (Budesonide + Glycopyrronium + Formoterol), asthma drug Tezspire (Tezepelumab), and lupus drug Saphnelo (Anifrolumab). Among them, Tezspire achieved an impressive $1.219 billion in annual sales (including Amgen’s reported revenue, +87%), earning it the title of a “blockbuster.” In 2025, Tezspire will launch a push for COPD, continuing to lead the development of IL-33 target indications.

In the Vaccines & Immune Therapies (V&I) field, the top-performing product was the RSV-neutralizing antibody Beyfortus (Nirsevimab). This product is the only RSV-neutralizing antibody for infants, and its commercial performance has been strong since its launch. In 2024, its sales skyrocketed to $2.147 billion (+205%), joining the ranks of “blockbusters.”

Looking ahead to 2025, AstraZeneca expects to achieve high single-digit growth in its full-year performance, with several key regulatory and Phase III research milestones, including the disclosure of Phase III study results for seven new molecular entities.