Company profile
SEC EDGAR ↗- Industry
- Pharmaceutical Preparations
- Listed
- NYSE: AZN
- Incorporated
- United Kingdom
- Headquarters
- Cambridge
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $58.7B
- Net income
- $10.2B
- Total assets
- $114.1B
Latest full fiscal year from SEC filings (20-F) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Turnaround · Decision Forks
AstraZeneca Said No to £55 a Share on a Pipeline That Didn't Exist Yet
In 2014 AstraZeneca rejected Pfizer's final £55-a-share proposal, valuing it near £69.4 billion. The board called it too cheap. A decade later, $54.1 billion in 2024 revenue made them right - but they were betting on an oncology business that was barely born.
8 min
The Counterfactual · Decision Forks
AstraZeneca Turned Down Pfizer at £55 a Share — And It Cost Shareholders Effectively Zero
In May 2014 AstraZeneca rejected Pfizer's £55-a-share, ~$117bn offer and was praised for management conviction. The board cited price. The stronger case was that Pfizer's deal was a tax-inversion vehicle whose legislative risk would have gutted the value — and the counterfactual cost to shareholders was effectively zero.
8 min
The Turnaround · Decision Forks
AstraZeneca Turned Down $117 Billion to Bet on Drugs It Hadn't Invented Yet
In 2014 AstraZeneca rejected Pfizer's £69.4 billion ($117 billion) offer and promised $45 billion of revenue by 2023 instead. It hit the number - one year of COVID money and two patent cliffs later.
8 min
The Market Entry Gambit · Growth & Portfolio
AstraZeneca's China Bet Got So Big It Can't Be Unwound — Even by a Scandal.
Police detained AstraZeneca's most senior international executive in November 2024. China still grew 11% to $6.4bn that year, and fourteen months later — during UK Prime Minister Starmer's state visit to Beijing from 28–31 January 2026 — the company pledged $15bn through 2030. The crisis isn't the story. The fact that none of it changes the bet is.
8 min