Having beaten off Pfizer's advances, AstraZeneca is doing a good job proving it can thrive on its own. The pharmaceutical giant said today that it expects to deliver annual revenues of $45bn by 2023, with a focus on long-term growth and innovation.
Through its investment in research and development, it is accelerating programs and innovating at a faster rate. The plan is to return to growth in the long-term.
In a statement released this morning, the British-Swedish pharmaceutical company revealed 14 of its new medicines are going through their final stages of testing, and as many as 10 of these could be approved for use within the next two years.
Pascal Soriot, chief executive, said in a statement:
We have rapidly strengthened and accelerated our pipeline, established strong momentum behind our growth platforms and are creating significant value for patients and shareholders.We are building a sustainable, more durable and profitable company. The tangible results being delivered reinforce our confidence that we will achieve our target of delivering revenues of over $45 billion by 2023.
The update had little impact on shares, however, which edged down 0.25 per cent at £45.83 in mid-morning trading.