AstraZeneca Lifts Outlook, Plans $3.5B US Investment | Global News Avenue

British drugmaker AstraZeneca (AZNThe company raised its full-year sales forecast and said it planned to invest $3.5 billion in its U.S. operations by the end of 2026 due to booming demand for cancer and rare disease drugs.

The company currently expects fiscal 2024 revenue and core earnings Earnings per share (EPS) Growth from mid-teens percentage to mid-teens percentage.

“Our company continues its strong growth trajectory through the first nine months of 2024,” Chief Executive Officer (CEO) Pascal Soriot said he noted that the removal of guidance reflects growing demand for “oncology, biopharma and rare disease drugs.”

AstraZeneca’s $3.5 billion U.S. expansion plan includes $2 billion to create “more than a thousand new high-skilled jobs and grow the U.S. economy.” These funds will be used Research and Development (R&D) The centers are located in Cambridge, Massachusetts; a next-generation biologics manufacturing facility in Maryland; “specialty manufacturing” in Texas; and “cell therapy manufacturing capabilities on the West and East Coast,” although it didn’t specify where.

AstraZeneca third-quarter results beat expectations

The British company also reported better-than-expected third-quarter results. The company reported revenue of $13.57 billion, up from $11.49 billion last year and above the $13.07 billion analyst consensus forecast compiled by Visible Alpha. Core earnings per share were $2.08, also beating estimates of $2.06.

AstraZeneca said it had not “received any notification that it was itself under investigation” in China, after dozens of its executives were investigated there. Was implicated last week In an insurance fraud case. “We take China’s issues very seriously. We will fully cooperate with the authorities if requested,” Soriot said.

The pharmaceutical giant’s U.S.-listed shares were down about 4% this year as of Monday’s close and fell a further 1% in premarket trading.