VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Friday, January 2, 2026
AstraZeneca PLC
AZN · London Stock Exchange
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
AstraZeneca PLC is a global biopharmaceutical company with major therapy-area franchises in Oncology, CVRM, Respiratory & Immunology, Rare Disease, and Vaccines & Immune Therapies. The primary moat mechanisms are legal and regulatory: patents/IP and the high cost, risk, and complexity of clinical development and regulatory approval. Pricing power is typically strongest for differentiated, patent-protected specialty medicines (notably Oncology and Rare Disease) and weaker where payer leverage and generic competition are more pronounced (notably primary-care and mature brands). Moat durability is continually tested by patent challenges, policy-driven changes to IP regimes, biosimilar/generic entry, and global cost-containment measures that constrain net pricing.
Primary segment
Oncology
Market structure
Oligopoly
Market share
—
HHI: —
Coverage
6 segments · 6 tags
Updated 2026-01-02
Segments
Oncology
Innovator oncology therapeutics (branded prescription medicines)
Revenue
41%
Structure
Oligopoly
Pricing
strong
Share
—
Peers
Cardiovascular, Renal and Metabolism (CVRM)
CVRM therapeutics (diabetes, CKD, heart failure, cardiovascular and metabolic diseases)
Revenue
23%
Structure
Competitive
Pricing
moderate
Share
—
Peers
Respiratory & Immunology (R&I)
Respiratory and immunology therapeutics (asthma/COPD, immunology and inflammation)
Revenue
15%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Vaccines & Immune Therapies (V&I)
Vaccines and immune-therapy products (including seasonal vaccines and antibody-based prophylaxis)
Revenue
3%
Structure
Oligopoly
Pricing
weak
Share
—
Peers
Rare Disease
Rare disease therapeutics (specialty/orphan indications, often biologics)
Revenue
16%
Structure
Oligopoly
Pricing
strong
Share
—
Peers
Other Medicines
Mature branded medicines outside core therapy areas (often facing generic competition)
Revenue
2%
Structure
Competitive
Pricing
weak
Share
—
Peers
Moat Claims
Oncology
Innovator oncology therapeutics (branded prescription medicines)
Revenue_share based on FY 2024 results announcement Table 7 (Total Revenue by therapy area).
Regulated Standards Pipe
Legal
Regulated Standards Pipe
Strength
Durability
Confidence
Evidence
Clinical development and regulatory approval are lengthy, high-cost, and failure-prone; speed-to-market matters in crowded oncology categories (including immuno-oncology).
Erosion risks
- Regulatory delays or label restrictions
- Competitor breakthroughs in key indications
- Trial failures or safety signals
Leading indicators
- Phase 3 readouts and label expansions
- FDA/EMA approval timelines vs competitors
- Competitive trial activity in priority indications
Counterarguments
- Large-cap peers can fund parallel programs and outpace timelines
- Clinical differentiation can narrow quickly as standard-of-care changes
IP Choke Point
Legal
IP Choke Point
Strength
Durability
Confidence
Evidence
Patents and related IP/exclusivity protect key oncology assets; loss in patent challenges or policy-driven erosion can accelerate generic/biosimilar competition and compress returns.
Erosion risks
- Patent litigation losses or settlements
- Biosimilar entry after loss of exclusivity
- Regulatory/policy actions weakening IP protections
Leading indicators
- Patent challenge outcomes and injunctions
- Biosimilar applications/approvals in major markets
- Policy changes affecting patent/exclusivity regimes
Counterarguments
- IP can be challenged, narrowed, or designed around
- Fast followers can capture share quickly at LOE
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength
Durability
Confidence
Evidence
Large-scale R&D and commercialization capabilities allow multiple parallel programs, global launches, and lifecycle management, but peers have comparable scale.
Erosion risks
- R&D productivity declines
- Rising trial costs and longer timelines
- Talent competition with peers
Leading indicators
- Late-stage pipeline count and progression events
- R&D as a share of revenue
- Probability-adjusted NPV of key programs
Counterarguments
- Scale is shared by multiple large pharmas
- Biotech innovation can outperform incumbents in selected modalities
Cardiovascular, Renal and Metabolism (CVRM)
CVRM therapeutics (diabetes, CKD, heart failure, cardiovascular and metabolic diseases)
Revenue_share based on FY 2024 results announcement Table 7 (Total Revenue by therapy area).
Regulated Standards Pipe
Legal
Regulated Standards Pipe
Strength
Durability
Confidence
Evidence
New CVRM medicines still require extensive clinical evidence and regulatory approvals; however, competition is intense and payers are price-sensitive in primary-care categories.
Erosion risks
- Me-too innovation compressing differentiation
- Payer step-edits and formulary pressure
- Post-approval study requirements
Leading indicators
- Guideline adoption and outcomes-trial readouts
- Net price trends and formulary access
- Competitor launch cadence in key CVRM classes
Counterarguments
- Regulatory barriers are shared across all major competitors
- Primary-care markets can become price-led even for branded drugs
IP Choke Point
Legal
IP Choke Point
Strength
Durability
Confidence
Evidence
Patent/exclusivity on key CVRM brands supports returns while in-force; durability is medium given class competition and eventual LOE/genericization in large-volume categories.
Erosion risks
- Patent challenges and earlier-than-expected generic entry
- Reference pricing and reimbursement tightening
- Class-level competition reducing effective pricing
Leading indicators
- Patent litigation docket and outcomes
- Generic filings/approvals in major markets
- Net-to-gross and rebate trends
Counterarguments
- Competitors can win share via outcomes evidence and payer contracting
- Large markets attract aggressive generic/biosimilar entry post-LOE
Respiratory & Immunology (R&I)
Respiratory and immunology therapeutics (asthma/COPD, immunology and inflammation)
Revenue_share based on FY 2024 results announcement Table 7 (Total Revenue by therapy area).
Regulated Standards Pipe
Legal
Regulated Standards Pipe
Strength
Durability
Confidence
Evidence
Approval and lifecycle management depend on clinical evidence and regulatory oversight; durability is high, but competitive intensity and payer constraints limit moat strength.
Erosion risks
- Label narrowing due to new safety/real-world evidence
- Competitor biologics with superior efficacy endpoints
- Generic erosion in mature respiratory products
Leading indicators
- Pivotal-trial outcomes and biomarker strategy
- Formulary access and step therapy
- Competition in biologics (launches/indication expansions)
Counterarguments
- Respiratory markets can be price-led once multiple options exist
- Switching is feasible when payers mandate formulary changes
IP Choke Point
Legal
IP Choke Point
Strength
Durability
Confidence
Evidence
Patents and exclusivity protect newer R&I brands, but effective durability is limited by payer leverage and eventual generic/biosimilar entry in large chronic categories.
Erosion risks
- Biosimilar entry for biologics
- Patent invalidation or narrow claim construction
- Inhaled therapy commoditization
Leading indicators
- Biosimilar pipeline activity and approvals
- Patent challenge outcomes
- Net price and volume mix trends
Counterarguments
- Competitors can match mechanisms within a few years
- Payers can force rapid switching to preferred alternatives
Vaccines & Immune Therapies (V&I)
Vaccines and immune-therapy products (including seasonal vaccines and antibody-based prophylaxis)
Revenue_share based on FY 2024 results announcement Table 7 (Total Revenue by therapy area).
Regulated Standards Pipe
Legal
Regulated Standards Pipe
Strength
Durability
Confidence
Evidence
Vaccines/immune therapies face strict regulatory oversight and quality requirements; approvals and post-approval obligations create barriers, but pricing is often constrained by tenders and negotiated access.
Erosion risks
- Tender-driven price compression
- Manufacturing or quality issues delaying supply
- Rapid shifts in demand/seasonality
Leading indicators
- Tender wins/losses and contracted volumes
- Manufacturing capacity expansions and batch release metrics
- Seasonal demand indicators and competitive launches
Counterarguments
- Large vaccine incumbents often have equal or greater scale
- Government procurement can reduce differentiation to price/availability
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength
Durability
Confidence
Evidence
Process development, manufacturing scale-up, and alliance execution can be advantages in antibody prophylaxis/vaccines, but benefits are shared with capable partners and peers.
Erosion risks
- Partner-driven economics limiting retained value
- Scale-up execution risk and supply constraints
- Competitors expanding capacity faster
Leading indicators
- Alliance profit-share economics and territories
- Capacity utilization and supply reliability
- Share of seasonal demand captured
Counterarguments
- Manufacturing know-how is increasingly commoditized via CMOs
- Alliance structures can cap AstraZeneca's economics in key markets
Rare Disease
Rare disease therapeutics (specialty/orphan indications, often biologics)
Revenue_share based on FY 2024 results announcement Table 7 (Total Revenue by therapy area).
Regulated Standards Pipe
Legal
Regulated Standards Pipe
Strength
Durability
Confidence
Evidence
Rare disease medicines require deep clinical evidence and ongoing regulatory compliance; the combination of small patient populations, specialist care pathways, and stringent oversight raises entry barriers.
Erosion risks
- Label changes limiting eligible populations
- New entrants with superior safety/efficacy
- Reimbursement tightening for high-cost therapies
Leading indicators
- Diagnosis and treatment rate trends
- Reimbursement coverage decisions and prior-auth strictness
- New approvals in overlapping mechanisms/indications
Counterarguments
- Specialty markets can still see rapid share shifts with a superior entrant
- Payers can pressure net pricing even in orphan categories
IP Choke Point
Legal
IP Choke Point
Strength
Durability
Confidence
Evidence
IP protection and exclusivity are central to rare disease economics, but biosimilar competition can still emerge and materially impact revenue when protection weakens.
Erosion risks
- Biosimilar erosion after LOE
- Patent challenges and earlier-than-expected entry
- Policy pressure to limit IP protections
Leading indicators
- Biosimilar approvals and tender outcomes
- Patient conversion dynamics within the franchise
- IP litigation outcomes in major markets
Counterarguments
- Biosimilars can scale quickly via hospital tender channels
- Switching can occur if payers mandate lower-cost alternatives
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength
Durability
Confidence
Evidence
Specialty biologics development, manufacturing, and global market access require significant capabilities; however, several peers have comparable infrastructure.
Erosion risks
- Manufacturing scale or quality setbacks
- Specialist prescriber preference shifting to competitors
- Rising cost of compliance and pharmacovigilance
Leading indicators
- Manufacturing reliability and supply continuity
- Geographic expansion and reimbursement wins
- Lifecycle innovation and label expansions
Counterarguments
- Capabilities are increasingly accessible via partners/CMOs
- Competitors can target narrow rare indications with focused biotech teams
Other Medicines
Mature branded medicines outside core therapy areas (often facing generic competition)
Revenue_share based on FY 2024 results announcement Table 7 (Total Revenue by therapy area).
Brand Trust
Demand
Brand Trust
Strength
Durability
Confidence
Evidence
Residual brand equity and distribution can sustain some demand in selected markets, but most value is structurally pressured by generic competition.
Erosion risks
- Generic substitution and tendering
- Price compression in retail/pharmacy channels
- Accelerated switching by payers
Leading indicators
- Generic penetration rates in major markets
- Emerging-market volume trends
- Net price/discounting trends
Counterarguments
- Brand equity rarely prevents substitution once generics are available
- Mature product economics can decline rapidly with payer policy shifts
Evidence
Describes development as complex/risky/lengthy and notes regulators can refuse approvals or require additional trials; also highlights that delays can erode patent exclusivity and that speed-to-market is critical in immuno-oncology.
Highlights pressure to limit IP protections, expedited generic approvals, compulsory licensing risk in some countries, and that inability to defend/enforce IP can intensify competition.
Explains patent challenges and potential at-risk launches and provides patent-expiry timelines for key products, supporting the centrality (and finite duration) of IP-based protection.
Reports substantial R&D expense at the group level in FY 2024, consistent with the scale required to fund a broad late-stage pipeline and multiple global launches.
Notes that health authorities can refuse approval or require additional trials and that commercial success can be affected by price controls and payer dynamics, which are especially relevant in primary-care CVRM markets.
Showing 5 of 12 sources.
Risks & Indicators
Erosion risks
- Regulatory delays or label restrictions
- Competitor breakthroughs in key indications
- Trial failures or safety signals
- Patent litigation losses or settlements
- Biosimilar entry after loss of exclusivity
- Regulatory/policy actions weakening IP protections
Leading indicators
- Phase 3 readouts and label expansions
- FDA/EMA approval timelines vs competitors
- Competitive trial activity in priority indications
- Patent challenge outcomes and injunctions
- Biosimilar applications/approvals in major markets
- Policy changes affecting patent/exclusivity regimes
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.