(Alliance News) - AstraZeneca PLC on Tuesday set out its ambition to achieve USD80 billion in annual revenue by the end of the decade as it signalled a new "era of growth."
The target, which the Cambridge pharmaceuticals manufacturer firm described as "bold," would represent a 75% jump from the USD45.81 billion it achieved in 2023.
AstraZeneca said it would meet its aim by bolstering its oncology offering and rare disease portfolio, and launching 20 new treatments before the end of the decade.
Shares in AstraZeneca rose 0.9% to 12,208.00 pence in London on Monday. The wider FTSE 100 was down 0.3%.
Speaking ahead of an investor day, Chief Executive Officer Pascal Soriot said: "Today AstraZeneca announces a new era of growth. In 2023 we delivered the ambitious USD45 billion 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 USD80 billion by 2030. We are planning to launch 20 new medicines by 2030, many with the potential to generate more than USD5 billion in peak year revenues. The breadth of our portfolio together with continued investment in innovation supports sustained growth well past the end of the decade."
AstraZeneca said as it continues to grow across all therapy areas, and will continue to decouple its carbon emissions from its increase in revenue.
By 2026 the company will be carbon zero for Scope 1 and 2 emissions and by 2030 halve its Scope 3 emissions, on the way to science-based net zero by 2045 at the latest, it stated.
By Jeremy Cutler, Alliance News reporter
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Astrazeneca (AZN)