AstraZeneca targets $1.5B in yearly savings after sales beat

Most of the savings AstraZeneca is chasing would flow back into its pipeline, the medicines it is still testing. On October 30 it announced a three-year restructuring running through 2029. It plans to save about $1.5 billion a year. Most of that money would go into more than 180 projects. It also beat third-quarter forecasts, with revenue up 7%.

The company gave few details. It didn't say whether the plan involves job cuts. It expects up to $2 billion in one-time charges. Questions about its pipeline have grown after setbacks involving camizestrant and Wainua. CEO Pascal Soriot says the company is on track for $80 billion in yearly revenue by 2030. That target relies partly on about 20 expected new drug launches. British rival GSK is also running a cost-saving programme.

Keep reading — what to watch

Will AstraZeneca say where the cuts land? Watch for details on jobs and on which projects get less money. Endpoints News reports it is also dropping several trials, including EMERALD-2. The real test is whether the freed-up money produces new approvals ahead of 2030.