Yesterday in Good start for new PM/ Good news for S’pore, I reported that AstraZeneca (AZ) announced its first end-to-end ADC production site, and it hopes to launch it in 2029.
Well yesterday also in another FT newsletter, AZ’s ambitions were spelt out.
AstraZeneca has set out a plan ahead of an investor day to almost double its revenue to $80bn by 2030, by ramping up its existing drug portfolio and launching new ones, as chief executive Pascal Soriot aims to cement his legacy at the drugmaker.
The Anglo-Swedish pharma group is aiming to launch 20 new medicines before the end of the decade, as well as growing its existing oncology, biopharmaceuticals and rare disease portfolio, in order to raise revenue from $45.8bn in 2023.
Soriot, who was recently awarded a bumper pay rise, said: “Today AstraZeneca announces a new era of growth.” He added that many of the planned new medicines had “the potential to generate more than $5bn in peak year revenues”.
AstraZeneca, which is working on a new generation of highly targeted cancer drugs, said it would maintain its commitment to research and development at the same time as aiming for a mid-30s percentage core operating margin by 2026.
Other information: AstraZeneca is building a separate Chinese supply chain to try to circumvent increased US-China tensions. AZ is also the world’s largest seller of pharmaceutical products in China and in other emerging markets,
Thoughts of a Cynical Investor 