UK-based pharmaceutical company AstraZeneca has seen its market value overtake its US rival Pfizer’s, just days before the company releases its quarterly earnings.
AstraZeneca is now topping the London Stock Exchange with a market value of £189 billion – a rise of 19.60% since the same time last year.
On the New York Stock Exchange, rival Pfizer’s market value has dropped over 20% this year and currently stands at around £182 billion.
In February Pascal Soriot, Chief Executive Officer of AstraZeneca said that the company expected 2023 to be a year of “double-digit revenue growth.”
The comments came after AstraZeneca’s 2022 results in which the company noted “excellent pipeline progress” and a record 34 approvals.
“In 2023, we expect to see another year of double-digit revenue growth at CER (Cerillion share price), excluding our Covid-19 medicines. We will continue to invest behind our pipeline and recent launches while continuing to improve profitability. We plan to initiate more than thirty Phase III trials this year, of which 10 have the potential to deliver peak year sales over one billion dollars.
“Our R&D success and revenue increase in 2022 demonstrate that we are on track to deliver industry-leading revenue growth through 2025 and beyond, and have set AstraZeneca on a path to deliver at least fifteen new medicines before the end of the decade,” Soriot said.
This year, AstraZeneca has received a number of approvals.
In February, the Medicines and Healthcare products Regulatory Agency (MHRA) granted marketing authorisation to AstraZeneca’s Imfinzi (durvalumab) in combination with gemcitabine and cisplatin in Great Britain for use as a first-line treatment of adults with locally advanced, unresectable or metastatic biliary tract cancer (BTC).
The decision marked the first advance in first-line treatments for BTC in over 10 years.
In April the UK’s National Institute for Health and Clinical Excellence (NICE) recommended AstraZeneca’s PARP inhibitor Lynparza (Olaparib) for NHS patients with both early-stage breast cancer and prostate cancer.