AstraZeneca Plc’ share price down, projects annual revenues of more than $45 billion in nine years

AstraZeneca Plc made an official statement today that it expects its drugs pipeline to generate stable and consistent revenue growth. The U.K.-based pharmaceutical company also stated that its annual revenues are to exceed $45 billion by 2023.

The companys Chief Executive Officer, Pascal Soriot, said in a statement, cited by Reuters: “We have more than doubled the number of potential medicines in our late-stage pipeline since 2012 and we are on track to return to growth by 2017. We are building a sustainable, more durable and profitable company.”

As reported by the Wall Street Journal, Mr. Soriot also said: “Fueled by a very exciting portfolio of new products, oncology is set to become AstraZeneca’s sixth growth platform and play a large part in supporting our efforts to bring life-changing medicines to patients as well as delivering long-term growth.”

The company has recently been trying to increase its long-term growth and innovation. AstraZeneca stated that 14 of its new drugs are put under the final stages of testing. According to the company, ten of its new medicines could be approved for use until the end of 2016.

The submission of one of AstraZenecas new drugs known as AZD9291 in the U.S., is expected over the second three months of 2015. The medicine comes as a second line treatment for patients, who suffer from several forms of non-small cell lung cancer. More than half of the companys global revenues are currently generated by five of AstraZeneca growth “pillars” – Brilinta, diabetes, respiratory, Emerging Markets and Japan.

Despite that the pharmaceutical company has been trying to expand its product line by adding new drugs, it still faces some difficulties, as some of its patents are to expire over the next few years.

Earlier this year the U.K.-based AstraZeneca fended off a hostile takeover bid made by its U.S. competitor Pfizer Inc. The companys explanation for rejecting the acquisition offer was that AstraZeneca plans to concentrate on its sustainability and profit.

AstraZeneca Plc lost 0.28% to trade at GBX 4 583.5 per share as of 10:13 GMT, marking a one-year increase of 38.18%. The company is valued at GBP 58.15 billion.