Today AstraZeneca has announced its bold ambitions to deliver $80 billion in total revenue by 2030. They have also announced the release of 20 new medicines before the end of the decade.
The company plans to double its revenue to $80 billion from $45.8 billion in 2023. They are planning to maintain their strategic commitment to R&D while focusing on productivity throughout the company.
Pascal Soriot, Chief Executive Officer, AstraZeneca said: “Today AstraZeneca announces a new era of growth. In 2023 we delivered the ambitious $45 billion revenue goal set a decade ago. With the exciting growth of our innovative pipeline, which has the potential to transform millions of lives, we are now aiming for $80 billion by 2030.”
The Anglo-Swedish group on Tuesday also announced the expansion of its existing oncology, biopharmaceuticals and rare disease portfolio. This is also done by launching the expected 20 new medicines with the potential to generate revenue of up to $5 billion.
“We are planning to launch 20 new medicines by 2030, many with the potential to generate more than $5 billion in peak year revenues. The breadth of our portfolio together with continued investment in innovation supports sustained growth well past the end of the decade.”
On Monday, AstraZeneca said it is investing $1.5 billion in opening a new manufacturing site in Singapore to make antibody drug conjugates that are used to treat cancer.
“This week’s announced $1.5bn investment in ADC manufacturing is driven by a desire to ensure dual sourcing of key growth drivers,” analysts at Citi, led by Peter Verdult, said.
AstraZeneca’s Stock Price
AstraZeneca has delivered some of the highest shareholder returns in the industry.
Shares in the company rose by less than 1 per cent on Tuesday morning. The $80bn target had been “widely expected”, said Peter Welford, an analyst at Jefferies.
