AstraZeneca Plc aims to almost double sales to $80 billion by 2030 as Chief Executive Officer Pascal Soriot seeks to cement his legacy at the British drugmaker that he helped to save through a bet on cancer treatments.
The company, which generated $45.8 billion in revenue last year, will launch 20 new medicines by the end of the decade to meet the new total revenue target, Astra said Tuesday.Jefferies had forecast revenue to exceed $70 billion by 2031.
Astra set the target ahead of its investor day — its first in 10 years — as Soriot looks to set the company apart in the highly competitive cancer-medicine market. Drugmakers are racing to replace traditional chemotherapy with products that more precisely target cancer cells.
The last investor day took place in 2014, in the wake of Pfizer Inc.’s attempted takeover of the British company, when Soriot was two years into the job and had yet to prove himself. At the time, he pledged to raise annual revenue to more than $45 billion by 2023, a target Astra met thanks to its focus on cancer drugs such as Tagrisso and Imfinzi.
The company has since expanded to antibody-drug conjugates including Enhertu, a new class of drugs that deliver high medicine doses directly to tumors while minimizing damage to surrounding tissues.
The company, which generated $45.8 billion in revenue last year, will launch 20 new medicines by the end of the decade to meet the new total revenue target, Astra said Tuesday.Jefferies had forecast revenue to exceed $70 billion by 2031.
Astra set the target ahead of its investor day — its first in 10 years — as Soriot looks to set the company apart in the highly competitive cancer-medicine market. Drugmakers are racing to replace traditional chemotherapy with products that more precisely target cancer cells.
The last investor day took place in 2014, in the wake of Pfizer Inc.’s attempted takeover of the British company, when Soriot was two years into the job and had yet to prove himself. At the time, he pledged to raise annual revenue to more than $45 billion by 2023, a target Astra met thanks to its focus on cancer drugs such as Tagrisso and Imfinzi.
The company has since expanded to antibody-drug conjugates including Enhertu, a new class of drugs that deliver high medicine doses directly to tumors while minimizing damage to surrounding tissues.