AstraZeneca Rises to Record High After Announcing Plans for 'New Era of Growth'

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published May 21, 2024
Corporate logo of pharmaceutical company AstraZeneca at its Hamburg, Germany, headquarters

Marcus Brandt / picture alliance via Getty Images

Key Takeaways

  • AstraZeneca announced plans Tuesday for a “new era of growth" with 75% revenue growth and 20 new drug launches by 2030.
  • The pharmaceutical company said it is targeting $80 billion in total annual revenue by 2030, up from $45.8 billion in 2023.
  • AstraZeneca ADRs rose to a record high Tuesday following the announcement.

AstraZeneca's (AZN) American depositary receipts (ADRs) rose over 2% to a record high Tuesday after the Anglo-Swedish drug maker announced what it called its “bold ambition” for future growth.

The company said that it is targeting $80 billion in total annual revenue by 2030, up from $45.8 billion last year. It said that would be accomplished by “significant growth in its existing oncology, biopharmaceuticals, and rare disease portfolio,” as well as by launching 20 new medicines over the next six years.

In addition, the company said it aims for core operating margin in the mid-30-percentage range by 2026, and will seek at least that level in the years that follow.

CEO Pascal Soriot called it a “new era of growth” for AstraZeneca. The press release about the company's expansion agenda came ahead of AstraZeneca's investor day event on Tuesday, at which Soriot said that of the 20 new medicines AstraZeneca expects to have before the end of the decade, 12 could have peak-year revenue of more than $5 billion.

The company said Monday that it plans to build a $1.5 billion facility in Singapore to produce antibody drug conjugates.

AstraZeneca ADRs gained 2.7% to close at a record high of $79.18 Tuesday, and have gained more than 17% since the start of the year.

AZN

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  1. AstraZeneca. "AstraZeneca Sets Ambition To Deliver $80 Billion Total Revenue by 2030 and Sustained Growth Post- 2030."

  2. AstraZeneca. "Ambition 2030 and Beyond," Page 9.

  3. AstraZeneca. "AstraZeneca Plans $1.5 Billion Manufacturing Facility for Antibody Drug Conjugates (ADCs) in Singapore."

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