AstraZeneca PLC (LSE:AZN) aims to grow its revenue by about 75% to $80 billion by 2030, driven by the launch of 20 new medicines and growth in its oncology, biopharmaceuticals, and rare disease portfolios.
In an announcement made ahead of the drug giant's investor day event on Tuesday, CEO Pascal Soriot, who has revitalised the company's drug pipeline over the past decade, highlighted potential blockbusters such as the lung cancer drug Tagrisso, Calquence for leukaemia, and diabetes treatment Farxiga.
"The breadth of our portfolio together with continued investment in innovation supports sustained growth well past the end of the decade," he added.
Soriot emphasised that several new medicines planned for launch by 2030 could generate over $5 billion in peak-year revenues.
Reacting to the announcement, Shore Capital said: "We note the company had been signalling to the market that it expects to deliver industry-leading revenue growth from 2025 given the prospects in the development pipeline and the depth of its LCM [life cycle management] strategy."
The City broker added that it wanted more detail on supporting the $80 billion figure before adding "material upgrades to long-term revenue forecasts could now be on the horizon".
In early trading, the shares were up 1.2% at 12,240p.