AstraZeneca Forecasts Revenue of $45bn by 2023

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 news release ahead of an invest day presentation later Tuesday.

“Fueled by a very exciting portfolio of new products, oncology is set to become AstraZeneca’s sixth growth platform and play a large part in supporting our efforts to bring life-changing medicines to patients as well as delivering long-term growth,” he added.

Source: MarketWatch