AstraZeneca provides update on solid progress towards operational goals

AstraZeneca has provided an update for institutional investors and financial analysts during an event in London on its strong business prospects for the medium-term future.

The company reports that its late-stage pipeline has been successfully transformed well ahead of schedule, with 14 potential new medicines in the phase III or registration stage. Potentially, 14 to 16 regulatory submissions and eight to ten approvals are expected between 2015 and 2016.

Its five current growth platforms – Brilinta, diabetes, respiratory, emerging markets and Japan – now account for more than half of global revenues, with oncology shaping up to be the sixth. The firm has also improved the efficiency of its corporate structure.

As such, AstraZeneca is now confident of delivering annual revenues in excess of $45 billion (28.72 billion pounds) by 2023.

Pascal Soriot, chief executive officer of AstraZeneca, said: "We have rapidly strengthened and accelerated our pipeline, established strong momentum behind our growth platforms and are creating significant value for patients and shareholders."

The company's confidence in its prospects as a standalone business led it to reject a takeover bid from US pharmaceutical giant Pfizer earlier this year.