Profit-taking on one-third of the position at +6.8% while raising stop-loss to entry to eliminate downside risk on the remainder.

FY2025 revenue reached $58.7 billion (+8% CER), with oncology sales up 17% CER to $25.6 billion (44% of total) driven by Tagrisso, Enhertu and Imfinzi; US sales of $14.2 billion fund over half of global R&D efforts. Late-stage successes in Imfinzi combinations (EMERALD-3) and efzimfotase alfa strengthen a deep pipeline across oncology and rare disease. The $2.5 billion Fusion acquisition and licensing partnerships expand radiopharma and rare-disease capacity, underpinning ~9% quarterly revenue growth to $14.8 billion and supporting mid-to-high single-digit full-year growth.

The U.S. accounts for roughly 55% of the global pharma market with higher pricing and heavy R&D subsidies, but government price controls, a Biden-era law barring judicial review of drug negotiation programs, and rising biosimilar competition threaten margins. Multi-year tariff exemptions under TrumpRx.gov hinge on pricing commitments—non-compliant firms face 100% tariffs while carveouts apply to Europe, Japan, South Korea, Switzerland, and the U.K. Pricing dynamics are accelerating EU access to lower-cost drugs amid an evolving trade regime and competitive pressure from major players like Pfizer, J&J, and AstraZeneca.

Confidence around late-stage trial momentum and management’s push on regulatory filings has driven upward analyst targets and a narrative of modest undervaluation, though mixed readouts and occasional profit-taking keep investors cautious on regulatory pathways and pricing dynamics for rare-disease therapies.