12th Jul 2024 14:25
(Alliance News) - AstraZeneca PLC's recently announced aim of delivering USD80 billion in yearly revenue by the start of the next decade looks achievable, Shore Capital Markets said Friday, believing the drugmaker has an enviable pipeline.
The target, set in May and which the Cambridge pharmaceuticals manufacturer firm described as "bold," would represent a 75% jump from the USD45.81 billion it achieved in 2023.
AstraZeneca said it would meet its aim by bolstering its oncology offering and rare disease portfolio, and launching 20 new treatments before the end of the decade.
"A plethora of new blockbusters are expected to launch over the near to medium term and 2025 could be a particularly catalyst-rich period. Numerous phase III readouts are due that could support multiple expansion," Shore Capital Markets analyst Martin O'Sullivan commented.
Next year, Shore expects to see data which could expand the reach of the Imfinzi drug beyond lung cancer, while readouts could also help Enhertu become an earlier treatment for a form of breast cancer.
O'Sullivan added: "Looking outside of oncology, we also highlight phase III BaxHTN data for baxdrostat in uncontrolled hypertension and Resolute data for Fasenra in [chronic obstructive pulmonary disease] as notable readouts."
Shore added the weight management portfolio "should increasingly come into focus" in the near-term. Phase I data for AZD5004 is expected later this year, and AZD6234 is expected in the second half of 2024.
"Phase IIb trials for both are expected to initiate in 2024 and will be closely watched, albeit AZN has flagged it doesn't expect these to materially contribute to growth until post-2030," O'Sullivan added.
By Eric Cunha, Alliance News news editor
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Related Shares:
Astrazeneca