AstraZeneca (AZ) has revealed its plans to deliver $80bn in total revenue by 2030, a significant increase from the $45.8bn reported in 2023.
The target set out at the drugmaker’s investor day in Cambridge, UK, is expected to be achieved through significant growth in its existing oncology, biopharmaceuticals and rare disease portfolio.
It will also be attributed to the launch of an expected 20 new medicines by 2030, many of which have the potential to generate more than $5bn in peak-year revenues, according to AZ’s chief executive officer, Pascal Soriot.
Soriot said: “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.”
AZ said it will maintain its “strategic commitment to research and development” while focusing on productivity, driving operating leverage and delivering a percentage core operating margin in the mid-30s by 2026.
The company added that it will target at least the mid-30s percentage range beyond 2026 and, beyond 2030, will continue to invest in new technologies and platforms that will “shape the future” of medicine in order to drive sustained growth.
“The breadth of our portfolio, together with continued investment in innovation, supports sustained growth well past the end of the decade,” Soriot said.
The announcement comes just one day after AZ unveiled its plans to build a $1.5bn antibody drug conjugate (ADC) manufacturing facility in Singapore. The facility will be the company’s first end-to-end ADC production site and is expected to be operational by 2029.
AZ also recently said it would be investing £650m to boost the UK life sciences sector, £450m of which will be earmarked for the company’s manufacturing site in Liverpool. The remaining £200m will go towards expanding the company’s presence in Cambridge.
Soriot said at the time of the March announcement that the planned investment would “enhance the UK’s pandemic preparedness” and demonstrated AZ’s “ongoing confidence” in UK life sciences.