The AstraZeneca logo is photographed at the 2021 World Artificial Intelligence Conference in Shanghai, China, on July 7, 2021.
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LONDON – Drug company AstraZeneca said on Tuesday it plans to increase total revenue to $80 billion in 2030, up 75% from $45.8 billion in 2023.
“We’re very confident in this $80 billion ambition because of the portfolio we’re seeing today and the breadth and size of the portfolio,” AstraZeneca Chief Financial Officer Aradhana Sarin told CNBC’s Arabile Gumede on Tuesday.
AstraZeneca will focus on oncology, biopharmaceuticals and rare diseases and expects to launch 20 more drugs over the next six years.
“Many of these drugs have the potential to be $5 billion worth of drugs,” Salin said. A company statement detailed that many new drugs hit this revenue figure every year in their peak years.
After the news was announced, AstraZeneca’s share price in European trading rose 0.66% as of 9:35 a.m. London time.
AstraZeneca’s plans include developing drugs to treat at least half of all underlying cancers, as well as developing alternatives to classic treatments such as chemotherapy and radiation.
“It will take time for entire markets to be displaced, but we think we have the technology today to start displacing them,” Salling told CNBC.
Several cancer treatments developed by AstraZeneca have already received U.S. FDA approval, including the drug Enhertu, a so-called antibody-drug conjugate developed with Japanese drugmaker Daiichi Sankyo to treat breast cancer patients.
AstraZeneca also announced acquisitions of pharmaceutical companies, including Fusion Pharmaceuticals Inc, which focuses on cancer treatments. Antibody Drug Conjugate Manufacturing Facility in Singapore.
“This is new technology that will replace chemotherapy. This is very complex manufacturing, which is why you need end-to-end manufacturing, and that’s why we decided to make this investment in Singapore,” Salin said. Investments have also been made in other AstraZeneca plants, she added.
“Post-COVID-19 Era”
AstraZeneca became a household name during the Covid-19 pandemic when it partnered with the University of Oxford to develop one of the first vaccines against the disease.The drug, called Vaxzevria, will be available in The drug has been withdrawn from the market amid dwindling demand and the emergence of other vaccines tailored to specific coronavirus variants.
“There’s no question for us that this is a post-COVID era,” Salling told CNBC. “We’re supplying more vaccines during the COVID-19 pandemic because, you know, it’s a public health crisis. Manufacturing COVID-19 Vaccines are not really our business.”
Salin said AstraZeneca’s business has historically focused on areas such as oncology and cardiovascular health and will remain a focus for the company going forward. Drugs to treat diabetes and metabolic diseases will also play a role in AstraZeneca’s development, she said.
“We are also looking at some weight management drugs and possibly combining them with drugs that can help treat the comorbidities that many patients with weight management problems have,” she said.
AstraZeneca struck a deal with Shanghai Pharmaceuticals last year Eccogene for weight loss and cardiometabolic drugsdriving competition for weight management drugs, currently dominated by Novo Nordisk’s Wegovy and Ozempic and Eli Lilly and CompanyMonzaro.
But supply constraints could mean rivals such as Pfizer and Amgen could play a bigger role in the market this year.
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