AstraZeneca aims to grow revenue by about 75 per cent to $80 billion by 2030, it said yesterday, boosted by the expected launch of 20 new medicines and through growth in its cancer, biopharmaceuticals and rare disease portfolio.
The Anglo-Swedish drugmaker had reported total revenue of $45.81bn last year and earlier expected to launch at least 15 new medicines between 2023 and 2030.
Chief executive Pascal Soriot has turned around the company’s fortunes since taking over the reins more than a decade ago, rebuilding its new drug pipeline with blockbusters such as lung cancer drug Tagrisso, leukaemia drug Calquence and Farxiga for diabetes.
The ambitious targets set out at yesterday’s event cement Soriot’s bet on oncology after successful breast cancer trials over the years boosted the firm’s oncology credentials.
AstraZeneca shares have more than tripled in value since 2014, when the company last held an investor day event on the heels of the unsuccessful Pfizer takeover bid.
AstraZeneca’s strategy follows Monday’s plans to build a cancer drug plant in Singapore as it bets on a promising category of cancer-killing drugs called antibody-drug conjugates (ADCs).
The Cambridge-based company has also been expanding its global research and development footprint and has R&D centres in England, Sweden, China and the US.
“Having a global footprint is a fantastic advantage,” Soriot said.
New technologies including ADCs, radioconjugates and cell therapy are making up a growing proportion of the new pipeline, as the traditional small molecule format reduces in prominence, Soriot said at yesterday’s event.
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