AstraZeneca updates long-term fiscal plan with ambitious new targets

AstraZeneca has expressed confidence in its future growth prospects after laying out ambitious new fiscal targets in a meeting with shareholders.

Following a period of business transformation, the firm expects to achieve 2017 revenues in line with its 2013 performance, before a period of strong and consistent growth, culminating in annual revenues of greater than $45 billion (26.52 billion pounds) by 2023.

The firm has been able to revamp its pipeline and management structure, with future growth to be based on five key platforms – the blockbuster drug Brilinta, strong diabetes and respiratory portfolios, emerging market prospects and the important Japanese market.

Pascal Soriot, chief executive of AstraZeneca, said: "AstraZeneca is completing its transformation and now has the right size, focus and team to deliver on one of the most exciting pipelines in the pharmaceutical industry."

According to the company, this new strategy underlines the significant shareholder value AstraZeneca will be able to generate by remaining independent, despite high-profile interest from potential buyer Pfizer.

The US company launched a takeover bid for AstraZeneca last week, but the deal was rejected by the UK-based firm's board as offering "inadequate" terms.