AstraZeneca aims to grow its total revenue by 75% to $80 bn by 2030

AstraZeneca aims to grow its total revenue by 75% to $80 bn by 2030

AstraZeneca aims to grow revenue by about 75% to $80 billion by 2030, it said on Tuesday, boosted by the expected launch of 20 new medicines and through growth in its existing oncology, biopharmaceuticals and rare disease portfolio.

The Anglo-Swedish drugmaker had reported total revenue of $45.81 billion last year and earlier expected to launch at least 15 new medicines between 2023 and 2030.

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.

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

Shares in the London-listed firm rose 1% in early trade, ending a six-day losing streak. They have gained about 15% so far in 2024, underperforming rivals Novo Nordisk's 29% gain and GSK's nearly 21% rise this year.

Still, shares traded at a record on April 29 and have more than tripled since 2014.

"We think this is more than good enough to keep (AstraZeneca) shares working as we head to the main event today," Barclays analyst Emily Field said.

The Cambridge-based firm is hosting an investor day event on Tuesday at 0900 GMT, for the first time in a decade.

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 $80 billion was widely expected, adding that major new drug catalysts are "somewhat scarce" until 2025.

Analysts at JP Morgan said the ambition would imply an upside of about 20% to the company's 2030 consensus of $66.8 billion.