Sees 80 bln in 2030 revenue by 2030
Shares rise 1.5
Company to launch 20 new medicines by 2030
Says many new drugs have 5 bln peak year revenue potential

May 21 Reuters AstraZeneca aims to grow revenue by about 75 to 80 billion by 2030, it said on Tuesday, boosted by the expected launch of 20 new medicines and through growth in its cancer, biopharmaceuticals and rare disease portfolio.

The AngloSwedish drugmaker had reported total revenue of 45.81 billion last year and earlier expected to launch at least 15 new medicines between 2023 and 2030.

CEO Pascal Soriot has turned around the company39;s fortunes since taking over the reins more than a decade ago, rebuilding its new drug pipeline with blockbusters such as lung cancer drug Tagrisso, leukaemia drug Calquence and Farxiga for diabetes.

The ambitious targets set out at Tuesday39;s event cement Soriot39;s bet on oncology after successful breast cancer trials over the years boosted the firm39;s oncology credentials.

AstraZeneca shares have more than tripled in value since 2014, when the company last held an investor day event on the heels of the unsuccessful Pfizer takeover bid.

They were up 1.5 by 1015 GMT on Tuesday and have gained about 15 so far in 2024, underperforming rivals Novo Nordisk39;s 29 gain and GSK39;s nearly 21 rise.

AstraZeneca39;s strategy follows Monday39;s plans to build a cancer drug plant in Singapore as it bets on a promising category of cancerkilling drugs called antibodydrug conjugates…