Lisa Maree Williams/Getty Images News Ahead of its Investor Day event on Tuesday, Anglo-Swedish drugmaker AstraZeneca ( NASDAQ: AZN ) announced plans to generate $80B in total revenue by 2030 with 20 new medicines on the market. The London-listed pharma giant recorded $45.8B in revenue in 2023, and it intends to leverage its oncology, biopharmaceuticals, and rare disease portfolio to reach its new growth target.

"In 2023, we delivered the ambitious $45 billion revenue goal set a decade ago. With the exciting growth of our innovative pipeline, which has the potential to transform millions of lives, we are now aiming for $80 billion by 2030," CEO Pascal Soriot said. AstraZeneca ( AZN ) intends to grow its core operating margin to mid-30s percentage by 2026 and maintain that level beyond that period, thanks to portfolio developments.

Commenting on the announcement, Jefferies said that Astra's ( AZN ) $80B revenue target was "widely expected." However, the company retains perhaps "best-in-class" pipeline optionality among big pharma despite a lack of major new drug catalysts until 2025, Reuters reported, quoting the brokerage. More on AstraZeneca AstraZeneca: A Triple Shot Of Income, Growth, And Value AstraZeneca: Strong In A Weak Market AstraZeneca PLC (AZN) Q1 2024 Earnings Call Transcript AstraZeneca, Amgen release mid-stage data on Tezspire for COPD AstraZeneca to build $1.

5B ADC manufacturing plant in Singapore.