- AstraZeneca CEO Pascal Soriot said the U.K.-listed company had many reasons to be in the U.S., adding that it was “rapidly transferring manufacturing” across the Atlantic.
- “This country [the U.S.] will represent, we hope, 50% of our revenue by 2030,” Soriot said Tuesday.
- The company said last week it plans to invest $50 billion in bolstering its U.S. manufacturing and research capabilities
In the midst of rumors that he is thinking about moving AstraZeneca’s listing stateside, CEO Pascal Soriot reaffirmed the pharmaceutical company’s dedication to the U.S. market on Tuesday.
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The U.K.-listed company, according to Soriot, had numerous reasons for being in the United States and was “rapidly transferring manufacturing” across the Atlantic to meet all domestic patient needs in the United States.
During an earnings call, Soriot told the media, “We have lots of reasons to be here [in the U.S.].”
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We anticipate that by 2030, the United States will account for half of our total income. We employ thousands of people nationwide,” he continued.
In its second-quarter earnings release on Tuesday, AstraZeneca stated that the U.S. market is crucial to achieving its goal of generating $80 billion in revenue by the end of the decade. The company has been stepping up its efforts in this area.
Soriot stated, “We are a global company but we are certainly, very much, present and rooted in the U.S.,” adding that it intends to soon achieve full independence in the country.
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The business announced last week that it would invest $50 billion to strengthen its research and manufacturing capacities in the United States. In response to U.S. trade tariffs and President Donald Trump’s requests to reshore manufacturing, it is the most recent pharmaceutical company to increase its stateside expenditure.
“Our investment reflects our faith in this nation’s progress. We would like to help with this,” Soriot stated, adding that he has spoken with the Trump administration to talk about plans for sector expansion.
He went on to say, “The U.S. really leads in biopharmaceutical innovation these days,” slamming Europe for not spearheading advancement. “Today, very little comes out of Europe.”
AstraZeneca has traditionally prioritized the U.S. market, having earned news around the world by creating one of the most important Covid-19 vaccines. In 2024, more than 40% of the company’s yearly revenues were from the U.S.
The Times revealed earlier this month that the company would switch its listing from London to the United States, which analysts said would be a significant blow to the public markets in the United Kingdom.
At the time, AstraZeneca chose not to respond to the findings. Aradhana Sarin, the company’s chief financial officer, stated on Tuesday that the company is still “committed” to the United Kingdom.
It comes as demand for important cancer and biopharmaceutical drugs propelled AstraZeneca to report better-than-expected second-quarter earnings on Tuesday.
Over the three months ending June 30, the Anglo-Swedish pharmaceutical company reported $14.46 billion in revenue, which was more than the $14.07 billion analysts predicted in an LSEG survey.
The adjusted core operating profit for the quarter was $4.58 billion instead of the $4.48 billion that was expected.
The FTSE 100 firm stuck to its full-year projection that core earnings per share would climb by a low double-digit percentage and revenues would rise by a high single-digit percentage.
It occurs as part of a larger EU-US trade agreement that is expected to impose 15% import taxes on the European pharmaceutical industry. If the duties were set at 15% or more, analysts cautioned, they may hurt European businesses and the bloc’s economy as a whole.
However, AstraZeneca indicated in April that it would stick to its 2025 revenue projections if U.S. tariffs on European pharmaceutical imports matched those imposed on other industries.
“This issue of tariffs is not really an issue that is affecting us very much,” Soriot stated.
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