AstraZeneca Rises to Record High After Announcing Plans for ‘New Era of Growth’

AstraZeneca’s (AZN) American depositary receipts (ADRs) rose over 2% to a record high Tuesday after the Anglo-Swedish drug maker announced what it called its “bold ambition” for future growth.

The company said that it is targeting $80 billion in total annual revenue by 2030, up from $45.8 billion last year. It said that would be accomplished by “significant growth in its existing oncology, biopharmaceuticals, and rare disease portfolio,” as well as by launching 20 new medicines over the next six years.

In addition, the company said it aims for core operating margin in the mid-30-percentage range by 2026, and will seek at least that level in the years that follow.

CEO Pascal Soriot called it a “new era of growth” for AstraZeneca. The press release about the company’s expansion agenda came ahead of AstraZeneca’s investor day event on Tuesday, at which Soriot said that of the 20 new medicines AstraZeneca expects to have before the end of the decade, 12 could have peak-year revenue of more than $5 billion.

The company said Monday that it plans to build a $1.5 billion facility in Singapore to produce antibody drug conjugates.

AstraZeneca ADRs gained 2.7% to close at a record high of $79.18 Tuesday, and have gained more than 17% since the start of the year.