Financebotresearch desk研究台

Income — Yield Tomorrow未来收益

AstraZeneca PLC

AZN 7

Drug Manufacturers - General · 258.7B market cap · site

Price and target zones价格与目标区间

$166.80
$140–152 entry买入52wk52周 $147–$213-22% off the high距高点

What the company does公司做什么

AstraZeneca is a global drug maker. It finds, makes, and sells medicine to treat many diseases. Cancer medicine is the company's biggest business. AstraZeneca also makes medicine for heart disease, kidney disease, diabetes, lung disease, and rare diseases.阿斯利康是一家全球性制药公司。公司研发、生产和销售多种疾病的药物。癌症药物是公司最大的业务。阿斯利康还生产治疗心脏病、肾病、糖尿病、肺病和罕见病的药物。

Earns from营收来源 AstraZeneca earns money by selling medicine to hospitals, pharmacies, and health systems around the world.阿斯利康通过向全球医院、药房和医疗系统销售药物来赚取收入。

Read the full description查看完整介绍

AstraZeneca PLC, a biopharmaceutical company, focuses on the discovery, development, manufacture, and commercialization of prescription medicines. The company offers Imjudo, Datroway, Iressa, Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex, Crestor, Andexxa, Onglyza, Symlin, XIGDUO XR, Atacand, Atacand HCT, Atacand Plus, Farxiga/Forxiga, Plendil, Modip, Splendil, Munobal, Flodil, Tenormin, Tenormine, Prenormine, Atenol, Zestril, Brilinta/Brilique, Komboglyze, Qtern, Wainua, Byetta, Lokelma, Seloken ZOK, Toprol-XL, Betaloc ZOK, XIGDUO, Accolate, Accoleit, Vanticon, Bricanyl Respules, Eklira Genuair/Tudorza/Bretaris, Pulmicort Turbuhaler, Symbicort Turbuhaler, Airsupra, Bricanyl Turbuhaler, Fasenra, Rhinocort, Tezspire, Bevespi Aerosphere, Daliresp/Daxas, Oxis Turbuhaler, Saphnelo, Breztri Aerosphere, Duaklir Genuair, Pulmicort Respules, and Symbicort pMDI. It also provides Beyfortus, Kavigale, Evusheld, Fluenz/FluMist, Synagis, Kanuma, Ultomiris, Koselugo, Voydeya, Soliris, Strensiq, Nexium, and other medicines. The company offers its products for ocology, cardiovascular, renal and metabolism, respiratory & immunology, vaccines and immune, and therapies rare diseases. It serves primary and specialty care physicians through distributors and local representative offices in the United Kingdom, the Americas, rest of Europe, Asia, Africa, and Australasia. It has a strategic agreement with Tempus and Pathos to develop the largest multimodal foundation model in oncology; CSPC Pharmaceutical Group Limited to advance the discovery and development of novel oral candidates, with the potential to treat diseases across multiple indications; and Nucs AI Inc. to develop AI-driven Response Prediction for Therapeutic Radioconjugates. The company was formerly known as Zeneca Group PLC and changed its name to AstraZeneca PLC in April 1999. AstraZeneca PLC was incorporated in 1992 and is headquartered in Cambridge, the United Kingdom.

Revenue breakdown营收构成 share of revenue营收占比

44%Oncology肿瘤
22%CVRM (Cardiovascular, Renal & Metabolism)心血管、肾脏和代谢(CVRM)
16%Rare Disease罕见病
15%Respiratory & Immunology呼吸和免疫(R&I)
2%Vaccines & Immune Therapies疫苗和免疫疗法
Other其他1%
Pick a slice for detail点击某一部分查看详情
Oncology肿瘤44% · ~$25.6B

Oncology is AstraZeneca's largest business. It sells drugs that treat lung, breast, ovarian, and blood cancers. Two of its best-selling drugs, Tagrisso and Imfinzi, target specific gene changes found in cancer cells. Sales in this area grew faster than any other part of the company in 2025.肿瘤业务是阿斯利康最大的业务板块。公司销售治疗肺癌、乳腺癌、卵巢癌和血液癌的药物。其两款畅销药泰瑞沙(Tagrisso)和英飞凡(Imfinzi)针对癌细胞中特定的基因变化。2025年该板块的销售增速在公司各业务中居首。

  • Tagrisso泰瑞沙 — A pill that treats a common type of lung cancer with a specific gene mutation.一种治疗特定基因突变型常见肺癌的口服药。
  • Imfinzi英飞凡 — An injected drug that helps the immune system attack cancer cells, used for lung, bladder, and liver cancers.一种注射药物,可帮助免疫系统攻击癌细胞,用于治疗肺癌、膀胱癌和肝癌。
  • Enhertu优赫得 — A targeted drug for breast, lung, and stomach cancers, made with a partner company.与合作公司共同开发的靶向药物,用于治疗乳腺癌、肺癌和胃癌。
CVRM (Cardiovascular, Renal & Metabolism)心血管、肾脏和代谢(CVRM)22% · ~$12.9B

This business sells medicine that protects the heart and kidneys and controls blood sugar. Its top drug, Farxiga, treats type 2 diabetes, heart failure, and chronic kidney disease. This makes it one of AstraZeneca's most widely used medicines, covering three different diseases with one pill.该业务销售保护心脏和肾脏、控制血糖的药物。其主打药物安达唐(Farxiga)可治疗2型糖尿病、心力衰竭和慢性肾病,是阿斯利康应用最广泛的药物之一,一种药可覆盖三种不同疾病。

  • Farxiga安达唐 — A pill first made for diabetes, now also used to treat heart failure and kidney disease.最初用于治疗糖尿病的口服药,现在也用于治疗心力衰竭和肾病。
Rare Disease罕见病16% · ~$9.1B

This business came mostly from AstraZeneca's purchase of Alexion in 2021. It sells high-price medicine for rare blood and nerve diseases, where few other treatments exist. Because these diseases are rare, prices per patient are high, but the total number of patients is small.该业务主要来自阿斯利康2021年收购的安莱昂(Alexion)。公司销售治疗罕见血液病和神经病的高价药物,而其他治疗方案很少。由于患病人数稀少,每位患者的药价很高,但患者总数不多。

  • Ultomiris优立妥 — A long-acting drug for a rare blood disease that destroys red blood cells.一种长效药物,用于治疗一种破坏红细胞的罕见血液病。
Respiratory & Immunology呼吸和免疫(R&I)15% · ~$8.9B

This business treats lung diseases like asthma and chronic obstructive pulmonary disease (COPD), as well as some autoimmune conditions, where the body's immune system attacks itself. Its key drugs include inhalers and injectable biologic drugs that reduce inflammation.该业务治疗哮喘和慢性阻塞性肺病(COPD)等肺部疾病,以及一些自身免疫性疾病(即人体免疫系统攻击自身的疾病)。其主要药物包括吸入剂和可减轻炎症的生物注射药。

  • Fasenra法赛那 — An injected biologic drug that treats severe asthma by reducing a type of white blood cell.一种注射生物药,通过减少一类白细胞来治疗重度哮喘。
Vaccines & Immune Therapies疫苗和免疫疗法2% · ~$1.3B

This is AstraZeneca's smallest therapy area. It includes a preventive drug that protects newborn babies from a common respiratory virus. Sales fell in 2025 as demand for COVID-19-related products continued to decline.这是阿斯利康最小的治疗领域。其中包括一种可保护新生儿免受常见呼吸道病毒感染的预防性药物。由于新冠相关产品需求持续下降,2025年该板块销售额有所下降。

  • Beyfortus倍福妥 — A preventive shot, made with a partner company, that protects babies from RSV, a common respiratory virus.与合作公司共同开发的预防性注射剂,可保护婴儿免受常见呼吸道病毒RSV感染。

Company facts公司资料

Founded成立时间
1992
Headquarters总部
Cambridge, the United Kingdom
Former name曾用名
Zeneca Group PLC
Employees员工人数
96,100
Industry行业
Drug Manufacturers - General
Country国家
United Kingdom

Investment thesis投资逻辑 from the watchlist来自关注列表

⏳ ANALYZED 8/05. Large-cap pharma, 2.05% yield, 81.9% GM, ROIC 5.5%→14.0% in 3yrs, zero dilution 4yrs, net debt/EBITDA 1.18x. Q2 beat (core EPS $2.63 +18% CER), FY26 guide + $80B-2030 target reaffirmed while absorbing US Farxiga LOE and China −13%. Oncology +15%, rare disease +8%. R&D $14.23B = 24.2% of revenue, 30 approvals since Q4'25, >20 readouts in 18mo — the pipeline is the moat, because in pharma the patent clock is the only disruption and it is 100% scheduled.

What's working

  • ADR pitfall retired: ADS terminated 1/27/26, ordinary shares direct-listed NYSE 2/2/26, reports in USD → P/B, DYT and the yield band are all valid, verified against aggregates

Red flags

  • Core-vs-GAAP gap 39% (Q2 reported EPS −2% vs core +18%); GAAP ~22x
  • FCF yield 3.46%, capex +130% in 3yrs
  • Tagrisso cliff ~2028-32; camizestrant negative adcom + delayed decision; China VBP + Leon Wang probe. Dividend covered 1.7x by FCF but grows only ~3%/yr while capex runs hot — this is a 2% yield with modest growth, not an income asset. FV $150-190 (central $168) vs $213.69 street. Add $140-152. Trim 19x fwd. Beta 0.21.

Watch

  • Yahoo PE(fwd) 13.95 is FY2027; true fwd is 15.8x core

🟢 2026-08-05 分析 —— 首份文件。 观察;$150 时转为逐步买入。 ** 填补医疗健康缺口的优质答案。 三年内 ROIC 由 5.5% 升至 14.0%,毛利率 81.9%,四年零稀释,净负债/EBITDA 1.18x 且持续去杠杆,股息刚刚上调(中期股息 $1.03 → $1.06)。 第二季度超预期:核心每股收益 $2.63(按固定汇率 +18%),高于市场预期的 $2.48;收入 $15.38B(+5%);2026 财年指引与 2030 年 $80B 目标双双重申 —— 而且是在同时消化美国 Farxiga 专利到期与中国 −13% 的情况下。 肿瘤 +15%,罕见病 +8%,已经在抵消专利悬崖。 研发 $14.23B,占收入 24.2%,自 2025 年第四季度以来获批 30 项,未来 18 个月有 20 项以上高价值数据读出 —— 补充管线的引擎才是真正的护城河。 ✅ 数据说明:ADR 陷阱不适用。 ** ADS 计划已于 2026-01-27 终止,普通股于 2026-02-02 在纽交所直接上市;1 股纽交所股票 = 1 股普通股,以美元报表,Yahoo 已按 0.5 拆股 正确重述历史。 市净率、股息率理论与 5 年股息率区间全部有效 —— 已与合计数交叉验证。 ⚠️ Yahoo 的 前瞻市盈率 13.95 用的是 2027 财年 —— 2026 财年真实前瞻为 核心口径 15.8x(每股 $10.20;FY25 核心 $9.16)。 🚩 核心与 GAAP 口径的差距扩大到核心的 39% —— 第二季度报告口径每股收益下降 2%,而核心口径上升 18%;按 GAAP 约为 22x。 🚩 自由现金流收益率仅 3.46%,资本开支三年 +130%($2.57B → $5.91B)。 🚩 Tagrisso(>$6.5B)是真正的悬崖,约在 2028-32 年;中国带量采购是结构性的,且王磊合规调查尚未了结;camizestrant 获得了 FDA 顾问委员会的否定票并被推迟决定。 ⚖️ 三种方法都指向合理而非便宜:股息率理论 $158(信号干净 —— 当前 2.05% vs 5 年均值 2.09%)、现金流口径 $140-161、核心倍数 $163-180。 合理价值 $150-190(中枢 $168)—— 我显著低于卖方 $213.69 的均值,原因就是那个加回差距。 贝塔 0.21 —— 对于一个偏软件与半导体的组合是真正的分散化。 减持 19x 前瞻。

Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动

Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例

Gross profit毛利润
82%
Operating profit营业利润
23%
Net profit净利润
17%

of every $1 of revenue每 $1 营收中的占比

Return on equity净资产收益率
22%
Revenue growth营收增长
+6%
Dividend yield股息率
1.92%

Competitors竞争对手

PfizerMerck & Co.RocheNovartisBristol Myers Squibb

Why customers stay客户为什么留下

AstraZeneca has a large and steady pipeline of new cancer drugs, which gives it an edge over rivals that depend on fewer products. It also owns strong patents on key medicines like Tagrisso and Farxiga, which block cheaper copies from entering the market for years. The company's early move into rare-disease medicine, through its purchase of Alexion, adds a high-price, high-margin business that is hard for competitors to copy quickly.阿斯利康拥有庞大且稳定的抗癌新药研发管线,相比依赖少数产品的竞争对手更具优势。公司还持有泰瑞沙(Tagrisso)和安达唐(Farxiga)等关键药物的强力专利,可在多年内阻止低价仿制药进入市场。通过收购安莱昂(Alexion),公司提早进入罕见病药物领域,增加了高价高利润的业务,竞争对手难以在短期内复制。

Related companies相关公司 🟠 Pharma patent-cliff (new 8/05)

Not "healthcare" — one failure mode: an expiring monopoly against a pipeline that has to replace it in time.

Own ONE of AZN/BMY, not both — they are the same trade with opposite risk profiles. AZN is the better business, BMY the better price; on the evidence AZN wins.

Sources来源