AstraZeneca Reports 23% Profit Jump and Launches $1.5 Billion Annual Savings Plan
Written by AI from france24.com's report. Not checked by a person.
British pharmaceutical group AstraZeneca posted a 23% rise in third-quarter net profit and unveiled a restructuring programme called "Reshaping for Sustainable Growth," targeting $1.5 billion in annual savings to be ploughed back into its drug pipeline.
British pharmaceutical group AstraZeneca announced on Friday a 23% jump in net profit for the third quarter, with profit after tax reaching $3.12 billion in the July-September period, driven largely by its cancer treatments. Alongside the results, the company launched a new cost programme called "Reshaping for Sustainable Growth," which aims to generate $1.5 billion in annual savings. Those savings will be reinvested into its drug development pipeline, which currently spans more than 180 projects. The programme will require $2.0 billion in upfront costs before the annual benefits are realised.
Chief Financial Officer Aradhana Sarin confirmed the restructuring would involve job losses but insisted it "won't lead to a net reduction in jobs," describing the changes as a shift toward different types of roles in different areas. Chief Executive Pascal Soriot said AstraZeneca has "multiple potential blockbuster" drugs in late-stage development and that the group continues to invest in AI technology to address complex diseases.
On the financial side, group revenue rose seven percent to a record $16.2 billion in the quarter, with oncology accounting for 48 percent of the total. AstraZeneca said it remains on track to reach its 2030 annual revenue target of $80 billion, up from nearly $59 billion last year, with US sales expected to make up half of that figure. Net profit for the first nine months of the year reached $8.7 billion. Following the announcements, AstraZeneca's share price climbed 6.7 percent in afternoon trading on the London Stock Exchange.
