The company flagged that as part of an investigation in China it could be fined up to US$4.5 million over suspected unpaid import taxes of US$900,000 on certain cancer therapies.

Profit after tax rose to US$7 billion last year, up from US$6 billion in 2023, the company said, boosted by a strong performance from its cancer medicine sales.

It reported that total revenue increased to US$54 billion, compared to the previous year, and expects a significant increase in sales in 2025.

“Our company delivered a very strong performance in 2024,” said chief executive Pascal Soriot, noting “increasing demand for our medicines in all key regions”.

During the fourth quarter of 2024, sales dipped in China, where the group’s former China boss, Leon Wang was detained last year over investigations into potential illegal data collection and drug imports.

Wang, who is on extended leave from the company, was replaced by Iskra Reic who took over as international executive vice president in December.