#1AstraZeneca B What science can do FY 2020 results Conference call and webcast for investors and analysts 11 February 2021#2Forward-looking statements In order, among other things, to utilise the 'safe harbour' provisions of the US Private Securities Litigation Reform Act of 1995, AstraZeneca (hereafter 'the Group') provides the following cautionary statement: this document contains certain forward-looking statements with respect to the operations, performance and financial condition of the Group, including, among other things, statements about expected revenues, margins, earnings per share or other financial or other measures. Although the Group believes its expectations are based on reasonable assumptions, any forward-looking statements, by their very nature, involve risks and uncertainties and may be influenced by factors that could cause actual outcomes and results to be materially different from those predicted. The forward-looking statements reflect knowledge and information available at the date of preparation of this document and the Group undertakes no obligation to update these forward-looking statements. The Group identifies the forward-looking statements by using the words 'anticipates', 'believes', 'expects', 'intends' and similar expressions in such statements. Important factors that could cause actual results to differ materially from those contained in forward-looking statements, certain of which are beyond the Group's control, include, among other things: the risk of failure or delay in delivery of pipeline or launch of new medicines; the risk of failure to meet regulatory or ethical requirements for medicine development or approval; the risk of failure to obtain, defend and enforce effective intellectual property (IP) protection and IP challenges by third parties; the impact of competitive pressures including expiry or loss of IP rights, and generic competition; the impact of price controls and reductions; the impact of economic, regulatory and political pressures; the impact of uncertainty and volatility in relation to the UK's exit from the EU; the risk of failures or delays in the quality or execution of the Group's commercial strategies; the risk of failure to maintain supply of compliant, quality medicines; the risk of illegal trade in the Group's medicines; the impact of reliance on third-party goods and services; the risk of failure in information technology, data protection or cybercrime; the risk of failure of critical processes; any expected gains from productivity initiatives are uncertain; the risk of failure to attract, develop, engage and retain a diverse, talented and capable workforce, including following the Alexion Pharmaceuticals, Inc. (hereafter 'Alexion') transaction; the risk of failure to adhere to applicable laws, rules and regulations; the risk of the safety and efficacy of marketed medicines being questioned; the risk of adverse outcome of litigation and/or governmental investigations, including relating to the Alexion transaction; the risk of failure to adhere to increasingly stringent anti-bribery and anti-corruption legislation; the risk of failure to achieve strategic plans or meet targets or expectations; the risk of failure in financial control or the occurrence of fraud; the risk of unexpected deterioration in the Group's financial position; the impact that the COVID-19 global pandemic may have or continue to have on these risks, on the Group's ability to continue to mitigate these risks, and on the Group's operations, financial results or financial condition; the risk that a condition to the closing of the transaction with Alexion may not be satisfied, or that a regulatory approval that may be required for the transaction is delayed or is obtained subject to conditions that are not anticipated; the risk that the Group is unable to achieve the synergies and value creation contemplated by the Alexion transaction, or that the Group is unable to promptly and effectively integrate Alexion's businesses; and the risk that management's time and attention are diverted on transaction-related issues or that disruption from the Alexion transaction makes it more difficult to maintain business, contractual and operational relationships. Nothing in this document, or any related presentation/webcast, should be construed as a profit forecast. B 2#3Forward-looking statements, proposed acquisition of Alexion Important additional information In connection with the proposed transaction, the Group intends to file a registration statement on Form F-4 with the SEC, which will include a document that serves as a prospectus of the Group and a proxy statement of Alexion (the 'proxy statement/prospectus'), Alexion intends to file a proxy statement with the SEC (the 'proxy statement') and each party will file other documents regarding the proposed transaction with the SEC. Investors and security holders of Alexion are urged to carefully read the entire registration statement and proxy statement/prospectus or proxy statement and other relevant documents filed with the SEC when they become available, because they will contain important information. A definitive proxy statement/prospectus or a definitive proxy statement will be sent to Alexion's shareholders. Investors and security holders will be able to obtain the registration statement and the proxy statement/prospectus or the proxy statement free of charge from the SEC's website or from the Group or Alexion as described in the paragraphs below. 3 The documents filed by the Group with the SEC may be obtained free of charge at the SEC's website at www.sec.gov. These documents may also be obtained free of charge on the Group's website at http://www.astrazeneca.com under the tab 'Investors'. The documents filed by Alexion with the SEC may be obtained free of charge at the SEC's website at www.sec.gov. These documents may also be obtained free of charge on Alexion's internet website at http://www.alexion.com under the tab, 'Investors' and under the heading 'SEC Filings' or by contacting Alexion's Investor Relations Department at [email protected]. Participants in the solicitation The Group, Alexion and certain of their directors, executive officers and employees may be deemed participants in the solicitation of proxies from Alexion shareholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders of Alexion in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement/prospectus or proxy statement when it is filed with the SEC. Information about the directors and executive officers of Alexion and their ownership of Alexion shares is set forth in the definitive proxy statement for Alexion's 2020 special meeting of shareholders, as previously filed with the SEC on March 26, 2020. Free copies of these documents may be obtained as described in the paragraphs above. B#44 Speakers Pascal Soriot Executive Director and Chief Executive Officer Marc Dunoyer Executive Director and Chief Financial Officer Dave Fredrickson Executive Vice President, Oncology Business Unit Pam Cheng Executive Vice President, Operations & IT (for Q&A) Ruud Dobber Executive Vice President, BioPharmaceuticals Business Unit Leon Wang Executive Vice President, International and China President (for Q&A) Mene Pangalos Executive Vice President, BioPharmaceuticals R&D 4#5Agenda Overview Oncology 5 BioPharmaceuticals, Emerging markets Finance Pipeline update, news flow Closing and Q&A B#6FY 2020: strong and resilient double-digit performance Key highlights Total revenue up by 10%, continuing double-digit trajectory underpinned by focused R&D and SG&A investment Revenue growth: new medicines¹ +33%. Oncology +24% and New CVRM² +9%. Respiratory & Immunology stable and Emerging markets +10%, despite COVID-19³ impact to Pulmicort Core operating profit up by 17% despite lower core 0014 (-2%) Core EPS5 $4.02 (+18%), including 20% tax rate Cash improving, including net cash inflow from operating activities at $4.8bn Pipeline progress underpinning future double-digit revenue growth ESG6: COVID-19 vaccine authorised with supplies ramping up 2021 guidance: total revenue increase by a low teens percentage, accompanied by faster growth in core EPS to $4.75 to $5.00 Absolute values at actual exchange rates; changes at constant exchange rates (CER) and for full-year (FY) 2020, unless stated otherwise. Guidance at CER and excludes COVID-19 Vaccine AstraZeneca and Alexion. 1. Total revenue for Tagrisso, Imfinzi, Farxiga, Lynparza, Calquence, Fasenra, Enhertu, Lokelma, Koselugo, Brilinta, roxadustat, Breztri and Bevespi 2. New Cardiovascular, Renal and Metabolism comprising Brilinta, Renal and Diabetes 3. Coronavirus disease; an infectious disease caused by a newly discovered coronavirus 4. Other operating income 5. Earnings per share 6. Environmental, social and (corporate) governance (topics). B 6#7Strong progress in the late-stage pipeline Important milestones since the last results update Regulatory approvals Regulatory submission acceptances and/or submissions Major Phase III data readouts or other significant developments Medicine Tagrisso Imfinzi Lynparza Enhertu Calquence Forxiga Brilinta Symbicort Trixeo COVID-19 Vaccine AstraZeneca Tagrisso Lynparza Farxiga anifrolumab Indication (geography) adjuvant NSCLC¹ (EGFRm²) (US) new Q4W³ dosing (US, EU) ovarian cancer (1st line4, HRD+5) (PAOLA-1) (EU, JP) prostate cancer (2nd line6, BRCAM7) (EU, JP) pancreatic cancer (1st line, BRCAM) (JP) gastric cancer (2nd line+, HER2+³) (US) breast cancer (3rd lineº, HER2+) (EU) CLL ¹0 (EU, JP) HF¹¹ CVOT¹2 (EU, JP, CN) stroke (THALES) (US) mild asthma (CN) COPD ¹3 (EU) COVID-19 (UK; authorisation for emergency supply, EU; conditional marketing authorisation) adjuvant NSCLC (EGFRM) (EU) prostate cancer (2nd line, BRCAm) (CN) CKD¹4 (US, JP; priority reviews, EU, CN) lupus (SLE¹5) (JP) Imfinzi biliary tract cancer: Orphan Drug Designation (US) Imfinzi + treme head & neck cancer (1st line): Phase III primary endpoint not met liver cancer: orphan designation (EU) tremelimumab Calquence tezepelumab CLL (R/R¹6) (ELEVATE R/R): Phase III primary endpoint met severe asthma: Phase III primary endpoint met 1. Non-small cell lung cancer 2. Epidermal growth factor receptor mutation 3. Once every four weeks 4. 1st treatment in the metastatic setting 5. Homologous recombination deficiency positive 6. 2nd treatment in the metastatic setting 7. Breast cancer susceptibility gene 1/2 mutation 8. Human epidermal growth factor receptor 2 positive 9. 3rd treatment in the metastatic setting 10. Chronic lymphocytic leukaemia 11. Heart failure 12. CV outcomes trial 13. Chronic obstructive pulmonary disease 14. Chronic kidney disease 15. Systemic lupus erythematosus 16. Relapsed/refractory. Status as of 11 February 2021. 7 4#8FY 2020: total revenue +10% New medicines continued to grow 8 Total revenue growth, per cent FY 2015 Changes at CER. FY 2016 Significant revenue recovery including an anticipated Lynparza sales milestone FY 2017 Q1 2018 Q2 2018 Q3 2018 14% Q4 2018 11% Q1 2019 18% Q2 2019 22% Q3 2019 5% Q4 2019 17% Q1 2020 11% Q2 2020 3% 10% Q3 2020 Q4 2020 Bevespi 7470 Breztri roxadustat New medicines the major contributor Brilinta +$3.5bn incremental revenue of the new medicines compared to FY 2019¹ Lokelm Koselugo Enhertu Fasenra Lynparza Calquence Farxiga Imfinzi Tagrisso Oncology New CVRM Respiratory & Immunology Absolute values at CER. 1. Total revenue for Tagrisso, Imfinzi, Farxiga, Lynparza, Calquence, Fasenra, Enhertu, Lokelma, Koselugo, Brilinta, roxadustat, Breztri and Bevespi. $m 1,200 1,000 800 600 400 -200 4#9FY 2020: diversified and double-digit growth Oncology, US, Emerging markets drove performance Total revenue Oncology New CVRM Respiratory & Immunology Other medicines Q4 2020 $m 7,410 3,270 1,252 1,534 1,354 Growth across therapy areas growth % Total revenue at actual exchange rates; changes at CER. 9 10 23 7 (2) 2 ratio % 100 44 17 21 18 FY 2020 $m 26,617 11,455 4,702 5,375 5,085 growth % 10 24 (0) (2) ratio % 100 43 18 20 19 Total revenue US EMs¹ - EMS ex China - China Europe Established rest of world Q4 2020 $m 7,410 2,388 2,244 882 1,362 1,831 947 Growth across geographies growth % 10 15 8 7 9 12 (1) ratio % 100 32 30 12 18 25 13 Total revenue at actual exchange rates; changes at CER. 1. Emerging markets. FY 2020 $m 26,617 8,833 8,711 3,336 5,375 5,540 3,533 growth % 10 13 10 11 9 LO ratio % 100 33 33 13 20 21 13 B#10Accelerating the expansion into immunology Alexion: immune-mediated rare disease global leader 10 B AstraZeneca Compelling scientific complementarity and synergy Combination of two science- and patient-centric organisations Further-sustained, industry-leading double-digit revenue growth Improved profitability and strengthened cash flow ALEXION B#11Agenda Overview Oncology BioPharmaceuticals, Emerging markets Finance Pipeline update, news flow Closing and Q&A 11 B#12Tagrisso and Imfinzi Global growth boosted by Europe and EMS Tagrisso: 36% growth to $4.3bn $m Approvals 5 (adjuvant), 87 (1st line) and 89 (2nd line)¹ 1,200 1,000 800 600 400 200 0 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 US Europe Established Rest of World (EROW) EMS Total revenue at actual exchange rates; changes at CER and for FY 2020, unless stated otherwise. 12 ● ● ● US +24% (36% of total) Growth despite high penetration Europe +56% 1st-line adoption from wider reimbursement EROW +16% Japan: +14%, incl. 15% Q4 2019 price cut. >80% 1st-line share² EMs +63% China +11% Q4 2020, including a part of 1st-line NRDL³ accrual 1. Reimbursement in three, 40 and 66 countries, respectively. 2. Market research, December 2020. 3. National Reimbursement Drug List. $m 600 500 400 300 200 100 Q1 2018 Q2 2018 Q3 2018 Q4 Imfinzi: 39% growth to $2.0bn Approvals 674 (NSCLC5), 514 (ES-SCLC6) 2018 Q1 2019 Q2 2019 Q3 2019 2019 Q4 Q1 2020 Q2 2020 Q3 2020 Q4 2020 US Europe EMS EROW Total revenue at actual exchange rates; changes at CER and for FY 2020, unless stated otherwise. US +14% (58% of total) NSCLC matured; SCLC grew Global expansion; ex US $857m Europe $370m NSCLC access drove growth ● ● EROW $329m Japan: +26%; NSCLC matured; SCLC launched EMs $158m China NSCLC launch progressed 4. Reimbursement in 28 and five countries, respectively. 5. Here unresectable, Stage III NSCLC. 6. Extensive-stage small cell lung cancer. 3#13Lynparza The globally-leading PARP¹ inhibitor $m 600 500 400 300 200 100 Q1 2018 Lynparza 49% sales growth to $1.8bn Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 δ Q3 2019 Lynnarza 04 2019 EMQ1 2020 Q2 2020 Q3 2020 Q4 2020 Product sales at actual exchange rates; changes at CER and for FY 2020, unless stated otherwise. 1. Poly ADP ribose polymerase. 13 As ● E Approvals 78 (ovarian), 76 (breast), 55 (pancreatic) and 49 (prostate cancer) AstraZeneca US +40% (49% of total) 1st-line OC² growth supported by new use in prostate cancer Europe +51% 1st-line OC growth; emerging prostate EMs +108% OC launch; NRDL to expand use 2. Ovarian cancer. EROW +32% Japan: +27%; ~14% Q2 2020 price cut. OC uptake continued $ Q3 2017 Q4 2017 Q1 2018 Lynparza collaboration revenue Q2 2018 Q3 2018 Q4 2018 Q1 2019 22019 US-28859 4/19 Q3 2019 Q4 2019 301 2020 2020 Q3 Q2 2020 Q4 2020 Collaboration revenue at actual exchange rates. Collaboration with Merck & Co., Inc., Kenilworth, NJ, US, known side the US and Canada. $3.1bn revenue recorded; $4.6bn future potential. $m 1,000 as MSD out- 800 600 - 200 400 0 $ THE TRE FOR P#14Calquence and Enhertu Calquence accelerated; Enhertu launch continued. $m 200 150 100 50 0 Q1 2018 Q2 2018 Q3 2018 Calquence Approvals: 51 (CLL¹) and 23 countries (MCL²) Q4 2018 US Europe EROW EMS Q1 2019 Q2 2019 Q3 2019 Q4 2019 Total revenue at actual exchange rates. 14 Q1 2020 Q2 2020 Q3 2020 Q4 2020 ● ● ● Global $522m; US $511m US CLL Share of new patients: Front line ~1/3 of BTKI³ class and ~10% overall R/R >40% of BTKI class and ~20% overall4 Global CLL Worldwide launch initiated; EU approval 1. Chronic lymphocytic leukaemia 2. Mantle cell lymphoma (R/R) 3. Bruton tyrosine kinase inhibitor 4. IQVIA market research. $m 40 30 20 10 US Europe Q1 2020 Enhertu Approvals: US, EU, Japan (mBC5); US, Japan (mGC6) Q2 2020 Q3 2020 Q4 2020 Collaboration revenue at actual exchange rates. ● ● Global $96m; US $93m $200m in-market US sales by Daiichi Sankyo; no. 1 in 3rd-line setting Ex US Europe: France early access Japan: launched; royalty 00-406-41 ENHERTU -rastrual dedica 100 mg per vial nection nu insion Onl and Dute pro to Cytotec Age B NDC 65597-406-01 Rx only ENHERTUⓇ (fam-trastuzumab deruxtecan-nxki) For Injection 100 mg per vial For Intravenous Infusion Only Dispense the enclosed Medication Guide to each patient. Reconstitute and Dilute prior to administration Single-Dose Vial Discard Unused Portion CAUTION: Cytotoxic Agent KEEP REFRIGERATED 1 vial Daiichi-Sankyo AstraZeneca 5. Metastatic breast cancer (3L, HER2+) 6. Metastatic gastric cancer (3L/2L+, HER2+). 4#15BioPharmaceuticals: New CVRM Farxiga inflection point; strong progress $m 1,000 800 600 400 200- Q1 2018 Q2 2018 Q3 2018 Diabetes/HF: 9% growth driven by Farxiga, continued the fastest-growing SGLT2¹ in the fastest-growing T2D² class³ Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Farxiga Onglyza Bydureon Byetta Other Total revenue at actual exchange rates; changes at CER and for FY 2020, unless stated otherwise. 15 ● Farxiga +30% US +6% Strong market growth offset by some price Ex US (71% of total) Europe +35% Strong volume growth; SGLT2 leadership in several markets EMs +55% Leading SGLT2; benefit from NRDL 1. Sodium-glucose co-transporter 2 (inhibitor). 2. Type-2 diabetes. 3. IQVIA market research. $m 500 400 300 200 Brilinta +2%: COVID-19 impact in all regions and China VBP4 price change 100- Q1 2018 Brilinta: growth impacted by COVID-19 Q2 2018 Q4 Q3 2018 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 US Europe EROW EMs Total revenue at actual exchange rates; changes at CER and for FY 2020, unless stated otherwise. 4. Volume-based procurement. Q3 2020 Q4 2020 4#16BioPharmaceuticals: Respiratory & Immunology Solid growth excluding the COVID-19 impact to Pulmicort $m 2,000 1,500 1,000 500- Q1 2018 Q2 2018 Q3 2018 Respiratory stable¹ Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Fasenra Symbicort Other Pulmicort Total revenue at actual exchange rates; changes at CER and for FY 2020, unless stated otherwise. 1. 12% growth excluding Pulmicort. 16 Encouraging growth everywhere except EMs; Pulmicort impact in China US +18% Symbicort (+23%); market, volume and price growth. Fasenra (+25%) Europe +5% Symbicort (+2%). Growth boost by Fasenra (+70%) EROW +1% Japan: -14%; lower Symbicort volume/price. Fasenra (+14%) EMS -18% Pulmicort ($798m, -33%) lower paediatric nebulisation use in China (1/2 of market) due to COVID-19; a recovery seen in Q4 in surgery Maintenance use with Symbicort ($567m, +9%) continued forward EXP Lot 11-2015 PBHE PULMICORT 1 mg/2m W Pulmicort 1mg in 2 mL restules Sterle single-dose units user uspersion 5 x 2mL รายันตราย ยาใช้เฉพาะ AstraZeneca. Fasenra Pen 30 mg/mL (benvallzumab Pjection p Symbicort 3#17BioPharmaceuticals: new launch medicines Portfolio of new medicines across uses and markets Europe $203m (+70%); Japan $100m (+14%) Leading biologic medicine in many markets¹ US, total patient share US $603m (+25%) Leading novel biologic¹ 100% 80% 60% 40% 20% Fasenra Severe asthma 0% Q2 2017 Q4 2017 Q2 20 Cut Q4 2018 4 Q2 2019 Q4 2019 50.4% 49.6% pQ2 2020 oQ4 2020 Total revenue at actual exchange rates. 1. Market shares are total patient share in severe, uncontrolled asthma; specialty pharmacies and 'buy and bill' market, IQVIA market research. 17 Breztri COPD EMs $14m Ongoing launch in China; Q4 impact by NRDL accrual Japan $9m ~1/4 of new patients²; year-end Ryotanki³ lift US $5m Early launch; efficacy reso- nates with prescribers ストリエアロスフィア ピレーズトリ エアロスフィア 56双入 初推式路社 GHASKA 2. IQVIA market research. 3. Ryotanki: regulation in Japan that restricts prescriptions for medicines in their first year on the market to just two weeks. TS $m 30 20 10 0 Lokelma Hyperkalaemia Global $76m; US $57m US market leadership4; COVID-19 market impact Japan accelerated; early sales in China and Europe Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 T['s US Europe EROW EMS Total revenue at actual exchange rates. 4. Market leadership in new-to-medicine patients, IQVIA market research. $m 20 10 EMS roxadustat Anaemia in CKD EMs $30m China launch progressed; $73m in-market sales; tens of '000s of patients treated US Regulatory decision Q1 '21 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Collaboration revenue at actual exchange rates. 4#18Emerging markets Diverse and solid growth $m 2,500 2,000 1,500 - 1,000 500 - Q1 2018 Q2 2018 Q3 2018 Q4 2018 Emerging markets +10% EMs ex China +9%; China +11% Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 China EMs ex China Total revenue at actual exchange rates; changes at CER and for FY 2020, unless stated otherwise. 18 Performance driven by new medicines +59% (33% of total revenue; $1.1bn¹ incrementally) Oncology +36%: Tagrisso ($1.2bn); March 2021 NRDL inclusion New CVRM +31%: Forxiga (+55%) ; Brilinta (+4%) Respiratory & Immunology -18%: Pulmicort COVID-19 hit ($798m, -33%), but Symbicort continued up ($567m, +9%) Diversified growth: AP2 +6%, MEA³ +1%, LA4 +13%, Russia +42% Major 2020 NRDL inclusions: Lynparza, Forxiga, roxadustat Major 2020 VBP inclusions: Brilinta, legacy Gl medicines5 Revenue anticipated to continue growing ahead of the long-term ambition of mid to high single-digit growth Total revenue at actual exchange rates; changes at CER and for FY 2020, unless stated otherwise. 1. Total revenue at CER 2. Asia Pacific 3. Middle East, Africa and other 4. Latin America 5. Gastrointestinal; Losec, Nexium. 4#19Agenda Overview Oncology BioPharmaceuticals, Emerging markets Finance Pipeline update, news flow Closing and Q&A 19 B#20Reported profit and loss Total revenue - product sales - collaboration revenue Gross margin Operating expenses¹ - R&D² expenses - SG&A³ expenses Other operating income Operating profit Tax rate EPS FY 2020 $m 26,617 25,890 727 79.5% 17,684 5,991 11,294 1,528 5,162 19.7% $2.44 change % 10 11 (11) 0.5 pp4 (2) (1) (3) (1) 81 142 % total revenue 100 97 3 66 23 42 6 19 Q4 2020 $m 7,410 7,011 399 78.2% 5,038 1,719 3,210 640 1,487 13.9% $0.78 Absolute values at actual exchange rates; changes at CER. Gross margin excludes the impact of collaboration revenue and any associated costs, thereby reflecting the underlying performance of product sales. 1. Includes distribution expenses 2. Research and development 3. Sales, general and administration 4. Percentage points. 20 change % 10 11 (4) 1.1 pp (5) 19 4 29 183 249 % total revenue 100 95 5 68 23 43 9 20 3#21Core profit and loss Total revenue - product sales - collaboration revenue Gross margin Operating expenses - R&D expenses - SG&A expenses Other operating income Operating profit Tax rate EPS FY 2020 $m 26,617 25,890 727 80.0% 15,633 5,872 9,362 1,531 7,340 20.1% $4.02 change % 10 11 (11) 0.3 pp 6 10 4 (2) 17 18 % total revenue 100 97 3 59 22 35 6 28 Q4 2020 $m 7,410 7,011 399 78.6% 4,654 1,707 2,838 642 1,899 17.6% $1.07 Absolute values at actual exchange rates; changes at CER. Gross margin excludes the impact of collaboration revenue and any associated costs, thereby reflecting the underlying performance of product sales. 21 change % 10 11 (4) 2.0 pp 8 12 6 29 28 24 % total revenue 100 95 5 63 23 38 9 26 3#22Analysis: core operating profit and net debt Increasing operating leverage and cash flow progress $m 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 T Q3 2017 Q4 2017 Core operating profit Sources of profit continued to progress Q1 2018 Q2 2018 Return Return to to sales revenue growth growth Residual Collaboration revenue (CR) Core O01 Absolute values at actual exchange rates. 22 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 $bn 11.9 Net debt end 2019 8.3 EBITDA Net debt broadly stable reflecting continued improvement in EBITDA 0.4 Working capital, short-term provisions 2.9 Other operating cash, disposals 1.0 Capex 1.2 1. Earnings before interest, tax, depreciation and amortisation; last four quarters. AstraZeneca credit ratings: Contingent and intangible assets and non-current asset investments Net debt: $12,110m EBITDA¹: $8,311m 3.6 Dividends 0.3 Other 12.1 Net debt end 2020 Moody's: short-term rating P-2, long-term rating A3, outlook negative. Standard & Poor's: short-term rating A-2, long-term rating BBB+, outlook positive. B#23Financial priorities FY 2020 results underpinned the strategic journey Deleveraging/dividend growth As cash flow improves, deleveraging and progressive dividend policy • Unchanged priorities for capital allocation 23 Cash-flow growth 2020: continued improvement in cash-flow metrics; dividend cover • 2021: anticipate further improvement in cash flow Changes at CER. Revenue growth +10% growth in total revenue in 2020 Operating leverage • 59% ratio of core operating expenses to total revenue (vs. 60% in 2019) • 17% growth in core operating profit 28% core operating profit margin. despite 2% lower core 001 B#242021 guidance Total revenue increase by a low teens percentage Core EPS faster growth to $4.75 to $5.00 Guidance is at CER. The guidance does not incorporate any revenue or profit impact from sales of COVID-19 Vaccine AstraZeneca. The Company intends to report these sales separately from the next quarter. Similarly, the guidance excludes the proposed acquisition by the Company of Alexion Pharmaceuticals, Inc., anticipated to close in Q3 2021. AstraZeneca recognises the heightened risks and uncertainties from the impact of COVID-19. Variations in performance between quarters can be expected to continue. 24 $#252021 and beyond: the acquisition of Alexion Accelerating the strategic and financial development Compelling scientific complementarity and synergy Increased immunology presence: complement system platform, currently applied in rare diseases Pipeline boosted with 11 molecules across 20+ programmes Leveraging AstraZeneca's precision-medicine capabilities 25 ● ● Combination of two science- and patient-centric organisations Focus on science and innovation Patient-centric organisations with high-touch patient support services ● ● Further-sustained, industry-leading revenue growth Attractive growth in specialty and highly-specialised/rare-disease care Leverage AstraZeneca's global geographical reach to accelerate Alexion medicines Double-digit average annual revenue growth through 2025 ● Improved profitability and strengthened cash flow Core operating margin significantly enhanced in the short term, and with continued margin expansion thereafter Synergies c.$500m per year by the end of the third year following completion Double-digit percentage core EPS accretion anticipated in the first three years following completion Strong cash flow, rapid debt deleveraging with an ambition to increase the dividend Strong, investment-grade credit rating to provide strategic and financial flexibility Source: 12 December 2020 webinar and conference call for investors and analysts on the proposed Alexion acquisition. Targets provided above are aspirational only and should not be considered formal guidance. For details, including legal disclaimer, please visit: https://www.astrazeneca.com/investor-relations/astrazeneca-to-acquire-alexion.html. B ● ● ●#26Agenda Overview Oncology BioPharmaceuticals, Emerging markets Finance Pipeline update, news flow Closing and Q&A 26 B#27Continuing response to COVID-19 Advancing vaccine, antibody, other options 27 COVID-19 Vaccine AstraZeneca Late-stage trials recruited; >55k participants UK emergency use authorisation; EU conditional marketing authorisation • US Phase III and additional data from pooled Oxford trials during Q1 2021 Granted conditional approval or emergency use in >50 countries AZD7442 long-acting antibody (LAAB) combo • PROVENT and STORMCHASER Phase III trial in pre- and post- exposure prophylaxis; 300mg IM¹ dose; potential for 12 months protection • TACKLE Phase III trial of 600mg IM in outpatient setting and collaborator trials 1. Intra-muscular. First data in H1 2021 Other COVID efforts continue Farxiga DARE-19 Phase III trial MEDI3506 ACCORD Phase II trial Symbicort INHASCO Phase Illa trial • Pulmicort TACTIC-COVID Phase Illa trial STOIC Phase II trial positive First data in H1 2021 3#28Building new standard of care: Farxiga From T2D to HF and CKD HFrEF¹: 26% risk reduction in primary endpoint Cumulative Percentage (%) DAPA-HF Phase III trial 3- Number at Risk Dapagliflozin 2373 Placebo 2371 HR²0.74 (0.65,0.85) p=0.00001 NNT=21 2305 2258 2221 2163 9 15 Months since Randomization 12 2147 2002 1917 2075 1560 1478 18 1146 1096 Now approved in US, EU and Japan 1. Heart failure with reduced ejection fraction 2. Hazard ratio. Source: Hot Line Session 1, European Society of Cardiology 2019. 28 Dapagliflozin 21 Placebo 612 593 24 210 210 [. First SGLT2 inhibitor with benefit in patients with and without T2D Cumulative Incidence (%) No. at Risk Dapagliflozin Placebo 24 22 20 18 16- 14 12 10 8 6 4 2 0 0 DAPA-CKD Phase III trial Hazard ratio, 0.61 (95% CI, 0.51-0.72) p=0.000000028 NNT=19 2152 2152 2001 1993 8 1955 1936 16 1898 1858 12 Months since Randomization 20 1841 1791 1701 1664 Placebo Dapagliflozin 24 1288 1232 28 Source: Hot Line Session, European Society of Cardiology 2020. 831 774 312 Events 197 Events 32 309 270 All secondary endpoints met, including all-cause mortality New and upcoming milestones New DAPA-MI³ Phase III trial achieved first patient dosed New Phase II trial of Farxiga + AZD9977 in CKD in H1 2021 DELIVER Phase III trial in HFpEF4 with data in H2 2021 farxiga dapagliflozin tablets 5mg 3. Myocardial infarction. 4. Heart failure with preserved ejection fraction. 3077- ww 1428 farxiga dapegifozin tablets 10 mg 3#29Building new standard of care: anifrolumab The first new medicine for lupus (SLE) in 10 years Primary endpoints Secondary endpoints in TULIP 2 Potential first-in-class treatment for lupus (SLE) BICLA week 52 primary endpoint TULIP2 SRI(4) week 52 primary endpoint TULIP1 BICLA IFN test-high week 52 OCS reduction+ CLASI week 12* Joint Count week 52⁹ Flare rate Statistically significant TULIP 2 TULIP 1* Nominal p<0.05 MUSE P20.05 Consistency across multiple key endpoints at 300mg dose Source: abstract L17, American Congress on Rheumatology (ACR), 2019; Arthritis Rheum (69):376-86, 2017; Lancet Rheumatology, 2019. * Data generated using the revised restriction medication rules + In patients with OCS 210 mg/d at baseline #CLASI analysis includes patients with baseline CLASI score 210 § In TULIP-1 and MUSE trials, joint activity was assessed in patients with 28 swollen and 28 tender joints. In the TULIP-1 trial joint activity was assessed in patients with 26 swollen and 26 tender joints. OCS = oral corticosteroid. 29 Pooled analysis of the TULIP trial programme at ACR 2020 Early and sustained reduction in the activity of skin disease CLASI-A score: 31 Week 0 CLASI-A score: 12 Week 12 CLASI-A score: 5 Week 52 Improvements in multiple organs and reduction in disease flares while sustaining steroid reduction Source: abstracts 0985, 1827, 1828, ACR 2020. Potentially the first new medicine for lupus (SLE) in over 10 years Regulatory and clinical status Regulatory submissions US, EU, JP Long-term safety results due 2022 Ongoing developments subcutaneous formulation lupus nephritis cutaneous lupus erythematosus myositis Regulatory decisions anticipated in H2 2021 3#30BioPharmaceuticals: 'What's next' Expanding pipeline, including immunology What's next Phase I/II new medicines, selected MEDI3506 (IL33¹ mAb²) DKD³ cotadutide (GLP-14/glucagon co-agonist) NASH5, DKD AZD4831 (MPO6 inhibitor) HFpEF AZD5718 (FLAP7 inhibitor) CKD, CAD8 AZD9977 + Farxiga (MCR⁹ modulator + SGLT2) HF with CKD zibotentan + Farxiga (ETR¹0 antagonist + SGLT2) CKD Now Pllb Plla avail- able ✓ Now Pll in CKD ✓ MEDI3506 (IL33 mAb) asthma, COPD, AD¹¹, COVID-19 AZD1402 (IL4Ra ¹2 antagonist) asthma AZD0449, AZD4604 (inhaled JAK¹3 inhibitors) asthma MEDI7352 (NGF¹4 TNF¹5 bispecific fusion protein) pain AZD2693 (PNPLA3¹6 inhibitor) NASH Now Pll in asthma AZD8233 (PCSK9¹7 ASO¹8) dyslipidaemia Now PII✓ What's now Phase III new medicines roxadustat anaemia in CKD nirsevimab respiratory syncytial virus brazikumab inflammatory bowel disease19 PT027 asthma New PIII Farxiga in MI✓ multiple indications tezepelumab severe asthma anifrolumab lupus (SLE) Phase III lifecycle management, major Fasenra multiple indications Breztri/Trixeo asthma 1. Interleukin-33 2. Monoclonal antibody 3. Diabetic kidney disease 4. Glucagon-like peptide-1 5. Non-alcoholic steatohepatitis 6. Myeloperoxidase 7.5-Lipoxygenase-activating protein 8. Coronary artery disease 9. Mineralocorticoid receptor 10. Endothelin receptor 11. Atopic dermatitis (eczema) 12. Interleukin-4 receptor alpha 13. Janus kinase 14. Nerve growth factor 15. Tumour necrosis factor 16. Patatin-like phospholipase domain-containing protein 3 17. Proprotein convertase subtilisin/kexin type 9 18. Anti- sense oligonucleotide 19. Trial technically classified as Phase II. 30#31Building new standard of care: Tagrisso Moving into earlier lines of NSCLC, reshaping the standard of care Probability of progression-free survival 1.0- 0.8- 0.6- 0.4- 0.2- 0- 0 2nd line (T790M¹) AURA3 Phase III trial PFS² by investigator 3 Median PFS, months (95% C1³) HR (95% CI) 6 9 Months Tagrisso (n=279) 10.1 (8.3-12.3) 12 0.30 Tagrisso Platinum-pemetrexed From the first approval in 2015... 15 Chemotherapy (n=140) 4.4 (4.2-5.6) (0.23-0.41), p<0.001 18 1. Substitution of threonine (T) with methionine (M) at position 790 of exon 20 mutation 2. Progression-free survival. 3. Confidence interval. Source: abstract PL03.03, WCLC 2016. 31 Probability of overall survival 1.0 0.9- 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1- 0.0 0 T 3 1st line (EGFRm) FLAURA Phase III trial 6 9 83% 89% 12 15 18 59% -Osimertinib - Comparator EGFR-TKI HR (95.05% CI) 74% 321 deaths in 556 patients at DCO: 58% maturity 44% 54% Median OS, months (95% CI) 38.6 (34.5, 41.8) 31.8 (26.6, 36.0) 0.799 (0.641, 0.997); p=0.0462 21 24 27 30 33 36 Time from randomisation (months) T 39 Proven ORR4, PFS and overall survival ...to proven overall survival in 1st line... 42 T 45 ++++ 48 51 4. Objective response rate. Source: abstract LBA5, European Society for Medical Oncology Congress 2019. 54 Disease-free survival probability 1.0 0.9 0.8 0.7 0.6- 0.5- 0.4 0.3 0.2 0.1 0.0 0 No. at risk Tagrisso 339 Placebo 343 Adjuvant (EGFRm) ADAURA Phase III trial - Placebo HR (95% CI) Median DFS, months (95% CI) Tagrisso NR (NC, NC) 28.1 (22.1, 35.8) 0.21 (0.16, 0.28) p<0.0001 T 6 60% 314 288 97% 12 272 209 T 18 53% 206 149 89% 24 30 Time from randomisation (months) 136 356 87 73 53 41% 79% 36 25 20 42 4 3 First and only medicine to show benefit in these patients Source: abstract LBA5, ASCO 2020. Stage IB to IIIA; disease-free survival by investigator assessment. ...and now c.80% reduction in risk of disease recurrence in adjuvant 48 0 1 3#32Building new standard of care: Calquence All data in CLL support a best-in-class potential Progression-Free Survival, % 100- 80- 60- 40- 20- 0- Relapsed/refractory (R/R) ASCEND Phase III trial - Acala (N=155) IdR/BR (N=155) 0 Patients With Events, n (%) 27 (17) 68 (44) Calquence vs IdR/BR 1-Year PFS, % 88 68 HR, 0.31 (95% CI: 0.20, 0.49); P<0.0001 Median follow-up, 16.1 mo (range, 0.5-22.4) 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Months No. at risk Acala 155 153 153 149 147 146 145 143 143 139 139 137 118 116 73 IdR/BR 155 150 150 145 144 142 136 130 129 112 105 101 82 56 HR (95% CI) 61 60 44 39 25 18 21 10 21 8 0.31 Median PFS = NR Median PFS 16.5 mo 4+ From a PFS HR of 0.31 in the R/R setting... 1 0 (0.20-0.49), p<0.0001 1 IdRidelalisib BR = bendamustine and rituximab. Source: abstract LB2606, The European Hematology Association 2019. 32 10 IRC-Assessed Progression-Free Survival Median follow-up 28.3 months Progression-free survival (%) 100+ 80 60 40 Front line (FL) ELEVATE-TN Phase III trial 20 0 Number at risk 179 177 Acala-G Acala G-Clb (Median PFS 22.6 months [95% CI 20.2, 27.6]) 12 18 24 162 170 161 157 168 157 151 Calquence + obinutuzumab vs chlorambucil + obinutuzumab Calquence vs chlorambucil + obinutuzumab 163 153 136 160 150 113 159 148 102 Months 155 147 86 93% HR (95% CI) 87% 109 103 46 104 94 41 30 0.10 0.20 41 40 13 36 (0.06-0.17), p<0.0001 WAA Source: abstract 31, The American Society of Hematology, 2019. (0.13-0.30), p<0.0001 + Nowhe 32 || 28 ...to a HR of 0.20 for mono and 0.1 for combinations in the FL setting 1 42 BTK inhibitor head-to-head ELEVATE-RR Phase III trial First Phase III trial to evaluate two BTK inhibitors head to head in R/R CLL Met primary endpoint of non- inferior PFS Superior safety on key measure of lower atrial fibrillation (AFib) Non-inferiority on PFS and superiority on AFib Â#33Oncology: 'What's next' Solid pipeline moving forward What's next Phase I/II new medicines, selected adavosertib (WEE1¹ inhibitor) uterine, ovarian cancer oleclumab (CD73² mAb) solid tumours AZD4573 (CDK93 inhibitor) blood cancers MEDI2228 (BCMA4 ADC5) blood cancers AZD5991 (MCL16 inhibitor) blood cancers ceralasertib (ATR7 inhibitor) solid tumours, blood cancers AZD4635 (A2AR8 inhibitor) solid tumours MEDI5752 (PD-19/CTLA4¹0 mAb) solid tumours AZD2811 (Aurora B inhibitor) solid tumours, blood cancers AZD0466 (Bcl-2¹¹/XL) solid tumours, blood cancers What's now datopotamab deruxtecan lung cancer monalizumab head & neck cancer savolitinib NSCLC¹2 Now PIII Tagrisso NSCLC Imfinzi multiple cancers Phase III new medicines camizestrant (AZD9833 breast cancer capivasertib breast, prostate cancer tremelimumab multiple cancers Phase III lifecycle management, major Lynparza multiple cancers Enhertu Now PIII multiple cancers Calquence multiple cancers 1. Tyrosine kinase WEE1 2.5'-nucleotidase 3. Cyclin-dependent kinase 9 4. B-cell maturation antigen 5. Antibody drug conjugate 6. Induced myeloid leukaemia cell differentiation protein 7. Ataxia telangiectasia and rad3-related kinase 8. Adenosine A2A receptor 9. Programmed cell death protein 1 10. Cytotoxic T-lymphocyte-associated protein 4 11. B-cell lymphoma 2 12. Potentially pivotal Phase II. 33#34Late-stage pipeline events in the 2021-2022 timeframe Busy news flow continues; Phase III readouts increase into 2021 Regulatory decision 34 Regulatory submission and/or acceptance Key Phase III data readouts Status as of 11 February 2021. H1 2021 Tagrisso-adjuvant NSCLC (EGFRM) (CN) Lynparza - breast cancer (BRCAm) (CN) Koselugo - neurofibromatosis type 1 (NF1) (EU) Farxiga - CKD (US) Brilique/Brilinta - CAD/T2D CVOT (EU, JP, CN) Brilique - stroke (THALES) (EU) roxadustat - anaemia in CKD (US) Symbicort - mild asthma (EU) Imfinzi - unresectable, Stage III NSCLC (PACIFIC-2) Calquence - CLL (R/R) (ELEVATE R/R) Fasenra - nasal polyps tezepelumab - severe asthma COVID-19 Vaccine AstraZeneca - SARS-CoV-2 (US, JP) AZD7442 - SARS-CoV-2 Imfinzi - unresectable, Stage III NSCLC (PACIFIC-2) Imfinzi +/-treme - NSCLC (1L) (POSEIDON) (OS) Lynparza - adjuvant breast cancer COVID-19 Vaccine AstraZeneca - SARS-CoV-2 AZD7442 - SARS-CoV-2 H2 2021 Tagrisso-adjuvant NSCLC (EGFRM) (EU) Lynparza - prostate cancer (2L) (CN) Forxiga - CKD (EU, JP, CN) Brilinta - stroke (THALES) (CN) anifrolumab - lupus (SLE) (US, EU, JP) Imfinzi - NSCLC (1L) (PEARL) Imfinzi +/- treme - NSCLC (1L) (POSEIDON) Imfinzi +/-treme - liver cancer (1L) Lynparza - adjuvant breast cancer Lynparza - prostate cancer (1L, castration-resistant) Enhertu - breast cancer (2L, HER2+) Imfinzi - NSCLC (1L) (PEARL) Imfinzi +/-treme - liver cancer (1L) Lynparza - prostate cancer (1L, castration-resistant) Enhertu - breast cancer (3L, HER2+) (Phase III) Enhertu - breast cancer (2L, HER2+) Enhertu - breast cancer (HER2 low) Farxiga - HF (HFpEF) PT027- asthma 2022 Imfinzi - ES-SCLC (CN) Imfinzi - limited-stage SCLC Imfinzi - liver cancer (locoregional) Imfinzi - biliary tract cancer Lynparza - ovarian cancer (3L, BRCAM) Enhertu - breast cancer (3L, HER2+) (Phase III) Enhertu - breast cancer (HER2 low) Calquence - CLL (CN) Koselugo - NF1 (JP, CN) Farxiga - HF (HFpEF) roxadustat - anaemia in myelodysplastic syndrome PT027-asthma Imfinzi - limited-stage SCLC Imfinzi - liver cancer (locoregional) Imfinzi - biliary tract cancer roxadustat - anaemia in myelodysplastic syndrome nirsevimab - respiratory syncytial virus B#35Agenda Overview Oncology BioPharmaceuticals, Emerging markets Finance Pipeline update, news flow Closing and Q&A 35 B#36AstraZeneca in summary Pipeline-driven transformation Global presence Balanced specialty and primary-care franchises¹ Leading emerging markets presence with R&D base Strong pipeline 22 Phase III medicines and significant lifecycle projects Advancing early- and mid-stage pipeline Improving financials 1. In FY 2020, speciality-care medicines (Oncology, Brilinta, Lokelma, roxadustat and Fasenra) comprised 53% of total revenue 2. Cardiovascular, Renal & Metabolism and Respiratory & Immunology. 36 Eight blockbuster medicines Returned to durable revenue and earnings growth Focus on operating leverage and cash flow Innovative medicines in Oncology and BioPharmaceuticals² Experienced and proven team 4#3725 Questions & Answers 37 Now launched: AIR As part of ongoing efforts to make sustainability data transparent and accessible, the new Analyst Interactive Reporting (AIR) centre provides sustainability data in a single platform, covering global information from key performance indicators for Access to healthcare, Environmental protection and Ethics and transparency astrazeneca.com/investors/air#38Appendix: 'What's next' Next key milestone by project Oncology Project adavosertib ceralasertib oleclumab AZD4635 AZD4573 MEDI5752 MEDI2228 AZD2811 AZD5991 AZD0466 Status as of 11 February 2021. 38 Target WEE1 ATR CD73 A2AR CDK9 PD-1/ CTLA4 BCMA Aurora B MCL1 Bcl-2/xL Phase || || || 11 || | 1 I I | Indication uterine, ovarian cancer solid tumours blood cancers solid tumours solid tumours blood cancers solid tumours blood cancers solid tumours blood cancers blood cancers solid tumours blood cancers Next milestone Phase III start Phase II data Phase II data Phase II data Phase II data Phase II start 2021 Phase II start 2021 Phase II start 2021 Phase II start 2021 Phase I data 2021 Phase I start 2021 BioPharmaceuticals: CVRM Target GLP-1/ glucagon Project cotadutide AZD4831 AZD5718 AZD9977 + Farxiga zibotentan + Farxiga AZD2693 AZD8233 MEDI3506 AZD1402 AZD0449 AZD4604 MPO MEDI7352 FLAP MCR + SGLT2 ETR + SGLT2 PNPLA3 PCSK9 IL33 IL4Ra JAK Phase NGF TNF || || || I I || BioPharmaceuticals: Respiratory & Immunology I || | | Indication 1/11 NASH DKD HFpEF CKD CAD HF with CKD CKD NASH dyslipidaemia COPD asthma, AD, COVID-19, DKD asthma asthma Pain Next milestone Phase IIb data H2 2021 Phase II data 2022 Phase IIb start H1 2021 Phase Ilb data 2022 Phase lla data H1 2021 Phase II start H1 2021 Phase II start H1 2021 Phase I data H2 2021 Phase II data H2 2021 Phase I data 2021 Phase II data through 2021 Phase II start H1 2021 Phase II start H1 2021 Phase I start H1 2021 Phase II start, Phase II data 3#3939 Use of AstraZeneca conference call, webcast and presentation slides The AstraZeneca webcast, conference call and presentation slides (together the 'AstraZeneca materials') are for your personal, non-commercial use only. 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