AstraZeneca Results Presentation Deck
Net debt and capital allocation priorities
Rapid debt reduction a priority post Alexion transaction
$bn
12.1
Net debt
end 2020
4.5
Net debt
Net debt: $24,673m; EBITDA: $7,970m
0.8
Capex
Cashflow from
Operating Activities
0.0
3.9
Dividends
paid
Deal payments
and receipts¹
0.2
Other
12.4
Net debt end
Sep 2021
(ex-acquisition
related)
12.2
Acquisition
related²
24.7
Net debt end
Sep 2021
Net debt/EBITDA: 3.1x
Net debt/EBITDA adjusted for Alexion inventory fair value uplift³: 2.7x
●
Capital allocation priorities
Strong investment grade credit rating
• Reinvestment in the business
●
• Value-enhancing business development
●
• Progressive dividend policy4
1. Comprises purchase and disposal of intangible assets, payment of contingent consideration from business combinations, purchase and disposal of non-current asset investments, movement in profit participation liability and
disposal of investments in associates and joint ventures. 2. Comprises for Alexion acquisition: Upfront payment of $13,349m, payments upon vesting of employee share awards of $203m and movement in net debt related to
acquisitions +$1,307m. EBITDA = earnings before interest, tax, depreciation and amortisation; last four quarters. AstraZeneca credit ratings: Moody's: short-term rating P-2, long-term rating A3, outlook negative. S&P Global Ratings:
13 short-term rating A-2, long-term rating A-, CreditWatch neutral. 3. EBITDA adding back the impact of $1,044m (YTD 2020: $nil) unwind of inventory fair value uplift recognised on acquisition of Alexion. 4. Progressive dividend
defined as either stable or increasing dividend per share in United States Dollar terms.
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