AstraZeneca plans to almost double its sales to $80 billion by 2030, according to a press release issued on Tuesday on the occasion of its investor day.

The biopharmaceutical group, which posted sales of $45 billion last year, says it expects "significant" growth in its drug portfolio, particularly in the treatment of cancer and rare diseases.

In addition to sales of its existing products, the company expects to bring 20 new drugs to market by the end of the decade, some of which it believes could generate annual revenues in excess of five billion dollars.

While the company says it intends to maintain the pace of its research and development (R&D) spending, it also anticipates productivity gains that should enable it to post a core operating margin of around 35% by 2026.

In a press release, Pascal Soriot, the company's CEO, points out that by 2023, the company had reached the sales target of $45 billion it had set itself 10 years earlier.

The share reacted positively to these announcements on the London Stock Exchange on Tuesday, posting one of the strongest gains on the FTSE 100 index, with a gain of 1.2%.

Copyright (c) 2024 CercleFinance.com. All rights reserved.