Drugs giant AstraZeneca reveals higher profits, savings plan
<p>London: British pharmaceutical group AstraZeneca announced Friday a 23-percent jump in net profit for the third quarter and a new programme aiming for annual savings of $1.5 billion.</p> <p>Profit after tax increased to $3.12 billion in the July-September period compared with the third quarter of last year thanks in large part to its cancer treatments, Britain's biggest drugs company said…
British pharmaceutical company AstraZeneca reported a 23% increase in net profit for the third quarter of its fiscal year, reaching $3.12 billion. The company attributes this growth to its cancer treatments and the success of several potential blockbuster drugs in late-stage development, according to chief executive Pascal Soriot.
AstraZeneca unveiled a new savings program aiming for annual savings of $1.5 billion, which will cost $2.0 billion before delivering the anticipated benefits. The company stated that the savings generated would be reinvested into its pipeline of drugs and transformative technologies.
Group revenue grew by 7% to $16.2 billion in the third quarter, with oncology accounting for 48% of the total. AstraZeneca remains on track to meet its 2030 target of $80 billion in group annual revenue, up from nearly $59 billion last year. The company predicts that sales in the United States will account for half of this target.
AstraZeneca has been increasingly focusing on the US market, listing its shares directly on the New York Stock Exchange in February to attract more investors. The company also announced plans to invest $15 billion in China by 2030 to expand manufacturing and research. Additionally, AstraZeneca is developing a weight-loss treatment, following the popularity of GLP-1 drugs like Novo Nordisk's Wegovy and Eli Lilly's Mounjaro.
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