By Helena Smolak

AstraZeneca has set out a target to grow revenue to $80 billion by 2030 as it aims to bolster its investment in technologies and platforms.

In a statement ahead of its investor day Tuesday the Anglo-Swedish pharmaceutical giant said it to will develop 20 new medicines throughout the next six years and expects significant growth across all its therapy areas.

To deliver its revenue target, the company aims for a mid-30s percentage core operating margin by 2026. Beyond 2026, core operating margin will be influenced by its portfolio evolution, targeting at least the mid-30s percentage range, it said.

AstraZeneca expects sustained growth post 2030.

The company generated revenue of $45.81 billion last year and core earnings per share--its preferred metric--of $7.26.

Last month the company reported an increased performance for its key metrics and reiterated its full-year guidance.

Revenue for the quarter rose 19% to $12.68 billion while its core EPS increased 13% to $2.06.

AstraZeneca expects revenue and core EPS for the year to grow by low double-digit to low teens percentage.

Write to Helena Smolak at

(END) Dow Jones Newswires

05-21-24 0232ET