(Sharecast News) - AstraZeneca has unveiled medium-term growth targets to nearly double group revenues by the end of the decade as it predicts significant growth from existing oncology, biopharmaceuticals and rare disease portfolios.
The pharma giant said it expects to total revenues to hit $80bn by 2030, helped by the launch of 20 new medicines over the year six years, compared with $45.8bn in 2023.
To drive this growth, the company said it will continue to invest in disruptive innovation and new technologies "that will shape the future of medicine".
"Today AstraZeneca announces a new era of growth," said chief executive Pascal Soriot. "In 2023 we delivered the ambitious $45bn revenue goal set a decade ago. With the exciting growth of our innovative pipeline, which has the potential to transform millions of lives, we are now aiming for $80bn by 2030."
Soriot said that many of the 20 new medicines in the pipeline have the potential to generate more than $5bn in peak-year revenues.
AstraZeneca also reiterated its commitment to decouple carbon emissions from its revenue growth.
By 2026, it is targeting carbon zero for scope one and scope two emissions, having reduced both by 68% since 2015. By 2030, scope three emissions are expected to halve, and by 2045 at the latest the group will be "science-based net zero".
Astrazeneca (AZN)