AstraZeneca targets $80 billion in total revenue by 2030 in 'post-Covid era'

LONDON — Pharmaceutical company AstraZeneca on Tuesday said it planned to increase its total revenue to $80 billion by 2030 — up 75% from $45.8 billion in 2023.

"We have a lot of confidence in this 80 billion ambition because of the portfolio and the breadth and scale of the portfolio that we see today," AstraZeneca's Chief Financial Officer Aradhana Sarin told CNBC's Arabile Gumede on Tuesday.

AstraZeneca will focus on its oncology, biopharmaceuticals and rare diseases businesses and expects to release an additional 20 medicines in the next six years.

"Many of them have the potential to be $5 billion drugs," Sarin noted. A company statement detailed that this revenue figure could be hit annually for many of the new medicines in peak years.

Europe-traded shares in AstraZeneca were last 0.66% higher at 9:35 a.m. London time, following the announcement.

AstraZeneca's plans include developing medicines to treat at least half of potential cancers, and developing alternatives to classic treatments like chemotherapy and radiation.

"For the entire market to get replaced it will take time, but we think we have the technology today to start replacing them," Sarin told CNBC.

Some cancer treatments developed by AstraZeneca have already been approved by the U.S. FDA, including the drug Enhertu, a so-called antibody drug conjugate developed with Japanese drugmaker Daiichi Sankyo, which aims to treat breast cancer patients.

AstraZeneca has also announced acquisitions of pharmaceutical companies, including cancer-treatment focused Fusion Pharmaceuticals Inc. On Monday, the company revealed plans to build an antibody drug conjugate manufacturing facility in Singapore.

"That's the new technology which will replace chemotherapy. That is very