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AZN
AstraZeneca plc
Healthcare · Large-cap · London Stock Exchange
12,456p+9.3% over 12 months
Company research summary
Updated with latest available dataAstraZeneca combines durable oncology growth and strong margins with a premium valuation. The central research question is whether pipeline delivery can sustain earnings growth as key products mature.
Revenue growth9.9%Supportive
Gross margin81.9%Strong
Forward P/E19.8xAbove sector
Openbook ratings
0-100Reward72Growth and quality
Risk23Comparatively low
Five-year revenue trend
USD billions2021202220232024Latest
What deserves attention
Research promptsPipeline execution
Late-stage assets are important to the next leg of growth.
Premium valuation
Current multiples leave less room for operational disappointment.
China exposure
Regulatory and operating uncertainty warrants monitoring.
Financial statements
Compare performance across consistent reporting periods.
QuarterlyAnnual
| USD millions | 2021 | 2022 | 2023 | 2024 | Latest |
|---|---|---|---|---|---|
| Revenue | 37,417 | 44,351 | 45,811 | 54,073 | 58,739 |
| Gross profit | 24,846 | 31,803 | 37,208 | 43,192 | 48,115 |
| Operating income | 1,056 | 4,998 | 7,726 | 9,112 | 10,483 |
| Net income | 115 | 3,293 | 5,955 | 7,041 | 8,116 |
| Free cash flow | 3,528 | 5,742 | 7,613 | 8,421 | 9,104 |
Valuation context
View headline multiples against history and peers.
CurrentHistory
Forward P/E19.8x
Above five-year median
EV / EBITDA17.5x
Premium to sector
PEG ratio1.69x
Growth partly reflected
Analyst expectations
See what the market currently expects from the business.
Next year3 years
Revenue estimate$63.2B+7.6% expected growth
EPS estimate$9.14+12.6% expected growth
Consensus target14,000p12.4% above current price
Estimate revisionsPositive6 upgrades over 90 days
Risk areas
Prompts for deeper investigation, not a complete risk assessment.
CompanyMarket
Pipeline and clinical execution
MediumTrial outcomes and launch timing can materially change long-term growth expectations.
China operating exposure
MediumRegulatory scrutiny or operational disruption could affect a meaningful revenue market.
Valuation sensitivity
MediumA premium multiple may amplify the share-price impact of slower-than-expected growth.
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Connected financials
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Move from the income statement to margins, cash flow, and balance-sheet trends without rebuilding the company in a spreadsheet.
- Compare annual and quarterly performance consistently.
- Connect revenue growth to margins, earnings, and cash generation.
- Spot changes that deserve a closer look.
Revenue and operating profit
Five-year viewRevenueOperating profit
Valuation in context
Know what the market is already pricing in.
A multiple means little on its own. Put valuation beside growth, history, and relevant peers to understand where expectations may be demanding.
- Compare common multiples across peer companies.
- See whether a stock trades above or below its own history.
- Connect valuation to the growth assumptions behind it.
Forward P/E peer comparison
Illustrative healthcare peersGSK
12.4x
Sanofi
14.1x
AstraZeneca
19.8x
Novo Nordisk
22.3x
Eli Lilly
31.6x
Balanced thesis
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Keep the reasons a company could outperform beside the assumptions and risks that could prove the thesis wrong.
- Separate business catalysts from share-price momentum.
- Turn broad concerns into specific research questions.
- Review what evidence would change your view.
Investment case
AstraZeneca examplePotential catalysts
Oncology portfolio growth
Durable demand across core medicines could support continued revenue expansion.
Late-stage pipeline
Successful readouts and launches could extend the growth runway.
Margin progression
Operating leverage may convert growth into faster earnings expansion.
Questions and risks
Execution expectations
A premium valuation raises the cost of delayed trials or weaker launches.
Regulatory exposure
Policy and operating uncertainty can affect important markets.
Product concentration
Dependence on major franchises increases sensitivity to competition.
AI research assistant
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Use AI-powered summaries to navigate a company faster, then return to the financials and research context behind the answer.
- Summarise what is driving growth or changing risk.
- Translate dense financial information into plain English.
- Use the answer as a route into deeper research, not a recommendation.
Ask Openbook AI
Company-aware researchWhat are the main reasons AstraZeneca's margins have improved?
Three factors stand out
Product mix has shifted toward higher-margin oncology medicines, revenue has grown faster than parts of the operating cost base, and cash conversion has remained supportive. The next question is whether that leverage can continue as launch spending rises.
Income statementMargin historyCash flowCompany analysis
A repeatable process
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Test the expectations
Review financial statements, analyst forecasts, valuation history, and peer context together.
Form your own view
Balance catalysts against risks, investigate the evidence, and decide what would change your thesis.
Common questions
Deep Stock Research, explained.
Research pages bring together company information, financial statements, ratios, valuation, forecasts, risks, Stock Scores, and plain-English context. Available information can vary by company and security type.
Openbook is built for UK investors and covers more than 2,400 UK-listed stocks, with connected tools for screening, comparison, scores, and portfolio analysis.
Where available, Openbook organises consensus estimates and related context so you can see what the market expects. Forecasts are uncertain and should be reviewed alongside the assumptions and risks around them.
AI-powered summaries help explain and navigate company information in plain English. They are designed to accelerate research, not replace the underlying data, independent judgement, or professional advice.
No. Openbook provides educational and informational research tools, not personal financial advice or investment recommendations. You should conduct your own research and consider your circumstances before making decisions.
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