A view of the AstraZeneca office in Mölndal, Sweden, on September 12, 2024.
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AstraZeneca CEO Pascal Soriot on Tuesday reiterated the pharmaceutical firm’s commitment to the U.S. market amid reports that he is considering shifting its listing stateside.
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 so it could serve all U.S. patient needs domestically.
“We have lots of reasons to be here [in the U.S.],” Soriot told media during an earnings call.
“This country [the U.S.] will represent, we hope, 50% of our revenue by 2030. We have thousands of employees … across the country,” he added.
AstraZeneca has been doubling down on the U.S. market, saying in its second-quarter earnings report on Tuesday that the country was key to its ambition of delivering $80 billion in revenue by the end of the decade.
“We are a global company but we are certainly, very much, present and rooted in the U.S.,” Soriot said, noting that it plans to soon become self-sufficient there.
The company said last week it plans to invest $50 billion in bolstering its U.S. manufacturing and research capabilities. It marks the latest pharmaceutical firm to ramp up its stateside spending in the wake of U.S. trade tariffs and calls by President Donald Trump to reshore manufacturing.
“Our investment is reflecting our belief in the growth of this country. We want to contribute to this,” Soriot said, noting that he had met with the Trump administration to discuss growth plans within the sector.
“The U.S. really leads in biopharmaceutical innovation these days,” he added, criticizing Europe’s failure to drive development. “Today, very little comes out of Europe.”
A shift stateside?
AstraZeneca, which made international headlines by developing one of the key Covid-19 vaccines, has long been prioritizing the U.S. market. The U.S. accounted for over 40% of the company’s annual revenues in 2024.
Earlier this month, The Times reported that the firm may move its listing from London to the U.S., in what analysts said would be a major blow to the U.K.’s public markets.
AstraZeneca at the time declined to comment on the report. However, chief financial officer Aradhana Sarin said Tuesday that the company remains “committed” to the U.K.
It comes as AstraZeneca posted better-than-expected second-quarter earnings on Tuesday, driven by demand for key cancer and biopharmaceutical products.
The Anglo-Swedish pharma firm posted revenues of $14.46 billion over the three-month period to June 30, ahead of the $14.07 billion estimated by analysts in an LSEG poll.
Quarterly adjusted core operating profit came in at $4.58 billion versus $4.48 billion anticipated.
The FTSE 100 company maintained its full-year forecast for revenues to rise by a high single-digit percentage and core earnings per share to increase by a low double-digit percentage.
It comes as the European pharmaceutical sector is facing anticipated levies of 15% on imports to the U.S. as part of a broader EU-U.S. trade deal. Analysts warned that the tariffs, if levied at 15% or above, could hamper European firms and the bloc’s broader economy.
AstraZeneca nevertheless suggested in April that it would maintain its 2025 sales guidance if U.S. tariffs on European pharma products came in in line with those levied against other sectors.
“This issue of tariffs is not really an issue that is affecting us very much,” Soriot said.