AstraZeneca aims for US$80 billion in total revenue by 2030

ASTRAZENECA aims to grow revenue by about 75 per cent to US$80 billion by 2030, it said on Tuesday (May 21), boosted by the expected launch of 20 new medicines and through growth in its existing oncology, biopharmaceuticals and rare disease portfolio.

AstraZeneca, which laid out targets as part of its investor day event, reported total revenue of US$45.81 billion last year.

CEO Pascal Soriot has rebuilt the company’s pipeline of new drugs since taking the helm more than a decade ago, with blockbusters such as lung cancer drug Tagrisso, leukaemia drug Calquence and Farxiga for diabetes.

He said on Tuesday that many of the new medicines the drugmaker plans to launch by 2030 have the “potential to generate more than US$5 billion in peak year revenues”.

AstraZeneca, which is facing patent expiries on some key drugs, said it would continue to invest in new technologies and platforms that will “shape the future of medicine” beyond 2030.

Analysts at Jefferies said the revenue target of US$80 billion was widely expected, adding that major new drug catalysts are “somewhat scarce” until 2025. REUTERS