AstraZeneca Raises Forecast, Plans $3.5B U.S. Investment

AstraZeneca has raised its 2024 revenue and profit forecast for the second time this year, driven by strong demand for cancer and rare disease medications. The company reported a third-quarter revenue of $13.57 billion, a 21% increase at constant currency, exceeding market expectations. AstraZeneca plans to invest $3.5 billion in the U.S. by 2026, expanding its research and development and manufacturing capabilities. Despite legal challenges in China, the company remains committed to growth in the region, with China contributing significantly to its revenue. CEO Pascal Soriot highlighted the company's broad-based momentum and potential for continued growth through 2025. Shares have been volatile due to concerns about the Chinese market, but the latest financial results have been a positive indicator of the company's resilience and strategic focus on oncology.