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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pfizer Inc | NYSE:PFE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.58 | 6.17% | 27.20 | 27.45 | 26.02 | 26.3295 | 97,520,313 | 00:58:40 |
By Alex MacDonald
LONDON--U.K.-listed pharmaceutical company AstraZeneca PLC on Tuesday said its pipeline of drugs is expected to drive strong and consistent revenue growth, delivering annual revenues in excess of $45 billion by 2023.
AstraZeneca, which earlier this year rejected a takeover approach from U.S.-based Pfizer Inc., said its business strategy is evolving to become more sustainable and profitable.
"We have more than doubled the number of potential medicines in our late-stage pipeline since 2012 and we are on track to return to growth by 2017," Chief Executive Pascal Soriot said in a statement ahead of an investor day presentation later Tuesday.
The U.K.-based drug maker said it had made faster-than-expected progress with late-stage drug development, with 14 potential new medicines in registration compared with an original target of eight.
It is also preparing to submit 14 to 16 medicines for regulatory review and 8 to 10 medicines for approvals in 2015-2016.
AstraZeneca reaffirmed that it expects 2017 revenues to be broadly in line with the $25.7 billion generated in 2013, based on constant exchange rates. Beyond 2017, it expects revenues to grow steadily to more than $45 billion by 2023, with core earnings growth outstripping revenue growth during the period.
Near-term growth will come from five growth platforms that account for more than half of the company's revenue, comprising of cardiovascular, diabetes, and respiratory drugs as well as drugs for the emerging markets and Japan.
Over the medium term, AstraZeneca wants to add oncology as a sixth growth platform. It plans to submit several cancer drugs for regulatory review in 2015 and 2016, with the view of bringing six new cancer medicines to patients by 2020. Oncology has the potential to become a quarter of its sales by 2023, the company said.
AstraZeneca said it would continue to invest in research and development targeted on developing its three core therapeutic areas: respiratory, inflammation and autoimmunity; cardiovascular and metabolic disease; and oncology. These three areas currently account 69% of the company's revenue. It will also seek partnerships and bolt-on acquisitions to support its portfolio of products and pipeline of new drugs.
Write to Alex MacDonald at alex.macdonald@wsj.com
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