Demand for COVID-19 vaccines has dropped as the pandemic enters its fourth year, but AstraZeneca (NASDAQ:AZN) says it has “blockbuster” projects in development that are set to make billions of dollars.
“We expect to start 30 phase three clinical trials this year, of which we expect to hopefully land more than 10 products that will be blockbuster products, or products that will hopefully achieve more than a billion in revenue,” Chief Financial Officer Aradhana Sarin told media outlets Thursday.
“Really it’s the revenue growth on the top line but also the reinvestment in the business that continues to fuel innovation and continues to fuel long term growth,” she added.
The British-Swedish pharmaceutical company forecast growth in earnings and revenue for 2023 Thursday, with its underlying businesses helping the company to post $901 million in net profit for the fourth quarter.
AstraZeneca CEO Pascal Soriot shared details of some of the drugs currently undergoing phase three trials in a media conference Thursday.
Camizestrant is an oral drug that “significantly” reduced the risk of progression of, or death caused by, certain types of breast cancer by 42% at a 75mg dose. That’s compared to Faslodex, the industry standard selective estrogen receptor degrader (SERD) drug.
AstroZeneca is set to acquire CinCor Pharma, giving it rights to the cardiorenal drug baxdrostat, which will be trialed in its effectiveness in treating resistant hypertension and chronic kidney disease.
Shares in AZN popped $3.42, or 5.3%, to $67.78.
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