- Britain’s largest pharmaceutical company had a turnover of $45.8 billion last year
- AstraZeneca now wants to increase its annual turnover by an additional 75% by 2030
AstraZeneca is targeting $80 billion in annual revenue by 2030, supported by the launch of 20 new drugs.
Britain’s largest pharmaceutical company achieved revenue of $45.8 billion last year, in line with a target set ten years ago, largely thanks to growing demand for its cancer and diabetes treatments.
It now wants to increase annual revenue by a further 75 percent by the beginning of the next decade through continued sales growth from its oncology, biopharmaceuticals and rare diseases portfolio.
Target achieved: AstraZeneca achieved revenue of $45.8 billion last year, in line with the target set ten years ago, largely thanks to growing demand for its oncology and diabetes treatments.
The London-listed company also hopes to create 20 more drugs, some of which could generate more than $5 billion in revenue per year.
In addition to this, AstraZeneca aims to raise its core operating margin to “around 30 percent” within two years by bolstering productivity, while maintaining its research and development commitments.
By the same date, the company hopes to have zero carbon emissions in production and electricity purchased for use.
Pascal Soriot, chief executive of AstraZeneca, said the group was entering “a new era of growth”, driven by an “innovative pipeline, which has the potential to transform millions of lives”.
He added: “The breadth of our portfolio, coupled with continued investment in innovation, supports sustained growth well beyond the end of the decade.”
Under Soriot’s leadership, AstraZeneca has rebuilt its pipeline of new drugs and overtaken oil giant Shell to become the largest company by market capitalization on the London Stock Exchange.
On Monday, AstraZeneca revealed plans to build a $1.5 billion manufacturing facility in Singapore dedicated to manufacturing antibody-drug conjugates (ADCs).
ADCs are drugs that use antibodies to deliver anticancer agents directly to cancer cells, while sparing healthy cells and having fewer major side effects than traditional chemotherapy.
AstraZeneca said the planned site in Singapore will begin design and construction later this year and will be “operationally ready” by 2029.
The announcement came a fortnight after the company withdrew its Covid-19 vaccine from global circulation amid concerns it caused a rare and dangerous side effect.
The vaccine is widely credited with saving millions of lives since the pandemic began, and AstraZeneca said the decision to pull it from the market was a commercial one.
AstraZeneca Stock They rose 0.7 per cent to £121.76 on Tuesday morning and have doubled in the last five years.