AstraZeneca Sets $80B Revenue Target, Goal of 20 New Drugs by 2030

Pictured: AstraZeneca's office office in South San Francisco, California

Pictured: AstraZeneca’s office office in South San Francisco, California

iStock, hapabapa

AstraZeneca on Tuesday laid out an ambitious plan to boost growth in its existing oncology, biopharma and rare disease portfolios, as well as launch 20 new medicines before the end of the decade.

Pictured: AstraZeneca’s building in South San Francisco, California/iStock, hapabapa

AstraZeneca on Tuesday unveiled a roadmap for its business through the end of the decade, setting a lofty goal of achieving $80 billion in total revenue by 2030, up from $45.8 billion in 2023.

To hit its target, AstraZeneca will launch 20 new medicines by 2030 and ramp up investment in its cancer, biopharmaceuticals and rare disease portfolios, driving the growth of these business units. CEO Pascal Soriot said that many of these new drugs have the “potential to generate more than $5 billion in peak year revenues.”

The biopharma giant will also focus on improving efficient productivity throughout its operations, which will help it achieve its aim of hitting a mid-30s percentage core operating margin by 2026, according to the announcement.

Beyond 2030, AstraZeneca will ensure sustainable growth by continuing to invest in cutting-edge and promising technologies and platforms with the potential to “shape the future of medicine,” the company contends.

Soriot in a statement called the coming years AstraZeneca’s “new era of growth,” noting that the company last year successfully met its “ambitious” revenue target, which it set a decade ago. AstraZeneca generated $45.8 billion in revenue in 2023, up 6% from 2022 at constant exchange rates.

“With the exciting growth of our innovative pipeline, which has the potential to transform millions of lives, we are now aiming for $80 billion by 2030,” Soriot said. “The breadth of our portfolio together with continued investment in innovation supports sustained growth well past the end of the decade.”

AstraZeneca’s business is anchored by its cancer portfolio, which in 2023 brought in more than $17.1 billion worldwide. Some of the pharma’s top-performing assets are in oncology including oral kinase inhibitor Tagrisso (osimertinib) and immunotherapy Imfinzi (durvalumab), which made $5.8 billion and $4.2 billion last year, respectively.

In rare diseases, AstraZeneca’s key assets are Soliris (eculizumab) and Ultomiris (ravulizumab), which are both indicated for paroxysmal nocturnal hemoglobinuria. In 2023, these therapies generated sales of $3.1 billion and nearly $3 billion, respectively.

Tuesday’s business update comes on the heels of AstraZeneca’s Monday announcement that it is investing $1.5 billion to build a manufacturing plant in Singapore dedicated to its cancer-focused antibody-drug conjugate portfolio. Earlier this month, the pharma also pumped around $388 million into its operations in France.

AstraZeneca on Tuesday reiterated its commitment for more environmentally friendly operations. The company said it will continue to work to “decouple” its revenue from carbon emissions, aiming to hit carbon zero Scope 1 and 2 greenhouse gas emissions—or those that are directly and indirectly linked to its business—by 2026.

Tristan Manalac is an independent science writer based in Metro Manila, Philippines. Reach out to him on LinkedIn or email him at tristan@tristanmanalac.com or tristan.manalac@biospace.com.

Tristan is an independent science writer based in Metro Manila, with more than eight years of experience writing about medicine, biotech and science. He can be reached at tristan.manalac@biospace.com, tristan@tristanmanalac.com or on LinkedIn.
MORE ON THIS TOPIC