What science can do

Annual Report and Form 20-F
Information 2018



This Annual Report quick-read provides top-level information on our business and the progress we have made in 2018 in pushing the boundaries of science to deliver life-changing medicines and demonstrating what science can do.

Science can

Science can

Science can

Science can

Science can


Chairman & CEO


Financial Highlights

2018 marked our return to Product Sales growth with strong performance from Growth Platforms and New Medicines more than offsetting the continued impact from patent expiries.

Revenue and Cash

Total Revenue*
Down 2% to $22,090 million at actual rate of exchange (down 2% at constant exchange rates – CER), comprising Product Sales of $21,049 million (up 4%; 4% at CER) and Externalisation Revenue of $1,041 million (down 55%; 55% at CER)


Net cash flow from operating activities
Down 27% at actual rate of exchange to $2,618 million



// Denotes a scale break. All bar chart scales start from zero. We use a scale break where charts of a different magnitude, but the same unit of measurement, are presented alongside each other.

*Total Revenue consists of Product Sales and Externalisation Revenue.


Operating profit

Reported operating profit
Down 8% at actual rate of exchange to $3,387 million (down 7% at CER)


Core operating profit
Down 17% at actual rate of exchange to $5,672 million (down 17% at CER)



Reported EPS
Down 28% at actual rate of exchange to $1.70 (down 29% at CER)


Core EPS
Down 19% at actual rate of exchange to $3.46 (down 19% at CER)



At a Glance

We are a global science-led business delivering medicines to patients through innovative science and excellence in development and commercialisation.

Product Sales

Total Product Sales


2017: $20,152m
2016: $21,319m

By therapeutic area

By geography





of our senior roles are filled by women


manuscripts published by our scientists in high-impact peer-reviewed journals


Priority 1

Broadening access to healthcare


Priority 2

Furthering ethics and transparency


Priority 3

Protecting the environment


Dividend per Ordinary Share 2018

1st Interim Dividend


Pence: 68.4
SEK: 7.92
Payment date: 10 September 2018

2nd Interim Dividend


SEK: 17.46
Payment date: 27 March 2019



Pence: 215.2
SEK: 25.38




We announced our strategy for returning to growth in 2013. The first phase in our journey was focused on rebuilding our pipeline. The second stage was crucial as we drove our Growth Platforms forward, continued to launch new medicines and made them available to patients. We returned to Product Sales growth in 2018 and, as we look ahead to 2020 and beyond, continued investment in our product launches and pipeline will keep us on track to deliver sustainable growth in line with our targets.

We are a ‘pure-play’, global, science-led pharmaceutical company. We are focused on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of unmet medical need in three main therapy areas: Oncology; Cardiovascular, Renal and Metabolism (CVRM); and Respiratory. In 2018, our strategic priorities were focused under the three pillars listed below.

2018 Highlights

2018 Highlights

2018 Highlights

Therapy Area Highlights