AstraZeneca’s Ambitious Target, Pharma Layoffs Continue and ASCO

At its Investor Day 2024 event last week, AstraZeneca announced plans to reach $80 billion in total revenue by 2030—up from $45.8 billion in 2023—and to launch 20 new medicines by the end of the decade. Does AstraZeneca have the assets and developmental pipeline to hit this lofty target? Meanwhile, Bayer, BMS and Pfizer are looking to conserve cash through cost-savings plans that include layoffs. It’s a trend we’ll be keeping a close eye on as companies face potential implications from upcoming patent expirations, the Inflation Reduction Act’s Drug Price Negotiation Program and investor expectations. On the R&D front, Takeda took a deep dive into the hot molecular glue degrader space, signing a potential $1.2 billion exclusive licensing deal with China-based Degron Therapeutics. The new partners will be going after various oncology, neuroscience and inflammatory disease targets. Takeda follows Novo Nordisk, Roche’s Genentech and Merck, who have all recently struck R&D deals focused on molecular glues degraders. And the conference season again kicks into high gear this weekend with the American Society of Clinical Oncology (ASCO)’s annual meeting starting Friday in Chicago and the 2024 BIO International Convention beginning Monday in San Diego. BioSpace’s Heather McKenzie will be moderating a BIO panel focused on closing the gaps in neuropsychiatric drug development, so if you’re heading to San Diego, please pop in and say hello!