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Sees $80 bln in 2030 revenue by 2030

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Shares rise 1.5%

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Company to launch 20 new medicines by 2030

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Says "many" new drugs have $5 bln peak year revenue

potential

(Adds detail, background and CEO comments from event in

paragraphs 3-11)

By Maggie Fick and Yadarisa Shabong

May 21 (Reuters) - AstraZeneca ( AZN ) aims to grow

revenue by about 75% to $80 billion by 2030, it said on Tuesday,

boosted by the expected launch of 20 new medicines and through

growth in its cancer, biopharmaceuticals and rare disease

portfolio.

The Anglo-Swedish drugmaker had reported total revenue of

$45.81 billion last year and earlier expected to launch at least

15 new medicines between 2023 and 2030.

CEO Pascal Soriot has turned around the company's fortunes

since taking over the reins more than a decade ago, rebuilding

its new drug pipeline with blockbusters such as lung cancer drug

Tagrisso, leukaemia drug Calquence and Farxiga for diabetes.

The ambitious targets set out at Tuesday's event cement

Soriot's bet on oncology after successful breast cancer trials

over the years boosted the firm's oncology credentials.

AstraZeneca ( AZN ) shares have more than tripled in value since

2014, when the company last held an investor day event on the

heels of the unsuccessful Pfizer ( PFE ) takeover bid.

They were up 1.5% by 1015 GMT on Tuesday and have gained

about 15% so far in 2024, underperforming rivals Novo Nordisk's

29% gain and GSK's nearly 21% rise.

AstraZeneca's ( AZN ) strategy follows Monday's plans to build a

cancer drug plant in Singapore as it bets on a promising

category of cancer-killing drugs called antibody-drug conjugates

(ADCs).

The Cambridge-based company has also been expanding its

global research and development footprint and has R&D centres in

England, Sweden, China and the United States.

"Having a global footprint is a fantastic advantage," Soriot

said.

New technologies including ADCs, radioconjugates and cell

therapy are making up a growing proportion of the new pipeline,

as the traditional small molecule format reduces in prominence,

Soriot said at Tuesday's event.

These technologies will be very difficult for generic

companies to rapidly replicate, he added.

NEW REVENUE POTENTIAL

AstraZeneca ( AZN ) pushed into the ADC market with Daiichi Sankyo ( DSKYF )

and in March invested $2 billion in next-generation

cancer treatments via the purchase of Canadian drug developer

Fusion, giving it a foothold in the radiopharmaceutical drugs

market, which has seen increasing investor interest.

It also entered the booming anti-obesity drug market through

a licensing deal with Chinese biotech company Eccogene.

Soriot said on Tuesday that many of the new medicines the

drugmaker plans to launch by 2030 have the "potential to

generate more than $5 billion in peak year revenues".

AstraZeneca ( AZN ), which is facing patent expiries on some key

drugs, said it would continue to invest in new technologies and

platforms that will "shape the future of medicine" beyond 2030.

Analysts at Jefferies said the revenue target of $80 billion

was widely expected, adding that major new drug catalysts are

"somewhat scarce" until 2025 but that its "pipeline optionality

remains perhaps best-in-class" for big pharma.

(Reporting by Yadarisa Shabong in Bengaluru and Maggie Fick;

Editing by Nivedita Bhattacharjee, Kirsten Donovan, Christian

Schmollinger and Emelia Sithole-Matarise)