• Growth Strategy Delivering, Profitability Accelerates – Q2 FY12/25 results demonstrate the strength of AZN’s growth strategy, with a significant acceleration in profitability that confirms the margin pressure seen in Q1 was temporary. Q1-2 operating profit growth significantly outpaced sales growth, driven by the higher-margin Wealth Consulting business. The investments in personnel and strategic initiatives that weighed on Q1 results appear to be translating into high-quality earnings growth, enhancing consultant productivity and AZN’s position to monetize Japan's demographic and wealth transfer megatrend. With Q1-2 operating profit already at 54.7% of the full-year target, we believe the Company is in a strong position to meet its FY12/25 financial targets.
