Despite facing increasing challenges in China, Astrazeneca's revenue soared by 21% last year. The pharmaceutical titan reported a revenue of $54bn (£43.3bn) for the year, marking a significant 21% increase from 2023.
In its annual results, the FTSE 100's largest company disclosed that its European revenue had surged by an impressive 37%, while its US revenue grew by 28%, as reported by .
"We also delivered nine positive high value Phase III studies in the year, which coupled with increasing demand for our medicines in all key regions, will help sustain our growth momentum into 2025," commented Astrazeneca CEO Pascal Soriot.
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The firm's revenue growth was widespread across various sectors. Sales in oncology rose by 24%, cardiovascular, renal, and metabolic increased by 20%, and respiratory and immunology sales climbed by 25%.
Astrazeneca also highlighted that since its previous results, a host of its drugs had been approved for use, including cancer immunotherapy Imfinzi in the US and Japan, and coronavirus prevention drug Kavigale in the EU.
Astrazeneca and China
In the report, Astrazeneca addressed allegations it is currently facing in China regarding illegal drug imports, where it is accused of evading $900,000 in importation taxes.
The company has confirmed its full cooperation with Chinese authorities, stating that it believes the charges are linked to shipments of Imfinzi and Imjudo. It also warned that if found liable, the charges could result in a fine ranging from one to five times the amount of unpaid taxes.
In December, Astrazeneca announced that it had placed international executive vice president Leon Wang on extended leave following his detention by Chinese authorities in October. Iskra Reic has stepped in for Wang during the ongoing investigation in China, the firm added today.
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In a similar incident in 2014, pharmaceutical competitor GSK was fined approximately $500m by Chinese regulators over bribery allegations. Looking ahead to 2025, Astrazeneca anticipates total revenue to rise by a high single-digit percentage, with core earnings per share increasing by a low double-digit percentage.
"This year marks the beginning of an unprecedented, catalyst-rich period for our company, an important step on our Ambition 2030 journey to deliver $80bn total revenue by the end of the decade," Soriot added. "In 2025 alone, we anticipate the first Phase III data for seven new medicines, along with several important new indication opportunities for our existing medicines."