Investor relations · Full-year 2025
Explore the performance, research investment and decisions shaping Asteria Biohealth.
2025 at a glance
Full-year consolidated figures.
Explore exact values and three-year comparisons below.
The shape of our business
Total revenue · FY 2025
6,180USD million
-2.2% vs FY 2024
Change calculated from reported figures.Shares calculated from reported revenue; rounded to one decimal place. Select a component to explore its three-year history.
| Measure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Total revenue | 5,940 | 6,320 | 6,180 |
| Product revenue | 4,950 | 5,200 | 5,000 |
| Collaboration & alliance revenue | 830 | 940 | 980 |
| Royalty & license revenue | 160 | 180 | 200 |
Product, collaboration and alliance, and royalty and license revenue together comprise consolidated revenue. Figures reflect the worldwide group after intercompany elimination.
Selected worldwide consolidated figures. Full financial years 2023–2025, USD millions. Changes and revenue shares shown above are calculated, not separate reported measures. This is a selected financial reference, not a complete set of financial statements.
Full-year 2025 · Business and performance
Asteria invests through long development cycles. Established therapies fund clinical development, manufacturing capacity and selected technology acquisitions. In 2025, the strategy combined disciplined commercial execution with a narrower pipeline of research programs and the integration of acquired scientific capabilities.
Worldwide revenue was $6.18 billion, compared with $6.32 billion in 2024. Product revenue moderated from $5.20 billion to $5.00 billion, while collaboration revenue increased from $940 million to $980 million. Licensing and royalties increased from $180 million to $200 million.
Pretax income was $860 million, compared with $920 million in 2024. Net income was $710 million, compared with $740 million. These are full-year consolidated results.
Compare the financial yearsResearch and development expense was $1.09 billion in 2025. Capital expenditure was $370 million. Asteria generated $1.37 billion in operating cash flow and closed the year with $780 million in cash and $5.38 billion of external debt.
The parent funds a substantial research portfolio and carries most external debt. Cash generation, debt service and the economics of research programs remain central management considerations.
Review the balance-sheet summaryAt December 31 · USD millions
| Measure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total assets | 20,300 | 20,450 | 20,570 |
| Total liabilities | 9,780 | 9,820 | 9,700 |
| Total equity | 10,520 | 10,630 | 10,870 |
Goodwill and identifiable intangible assets represent a substantial part of the group's assets, reflecting earlier acquisitions and the two 2025 business combinations. Their carrying values depend on the expected economics of the underlying programs.
Selected financial information. Cash is not the same measure as cash and short-term investments; external debt is not net debt. The full-year company review provides further context.
2025 · Strategic developments
The acquired Irish laboratory performs research and holds platform intellectual property. Its 2025 contribution to group results covers the period after acquisition.
The pipeline platform was legally merged into the parent. Production equipment and commercial inventory and receivables acquired with the platform were transferred at cost to the companies that operate them.
Integrating acquired scientific capabilities sits alongside commercial execution and research investment. Ownership of research costs, support for asset carrying values and the cash needed to service debt are connected considerations—not interchangeable measures of performance.
The developments above are completed 2025 transactions. The considerations describe the operating context; they are not forecasts or commitments to future clinical or financial outcomes.
REPORTS & DATA
Company-reference publications and selected consolidated financial data. Each report identifies its period, units and definitions.
Performance, company context and financial definitions.
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Selected income and cash-flow measures with period-specific context.
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Selected income and cash-flow measures with period-specific context.
Download report ↓Selected company publications. These are not a complete set of financial statements or statutory filings.
