AstraZeneca has increased its 2024 revenue and profit forecast, marking the second upgrade this year, following a strong third-quarter performance fueled by high demand for cancer and rare disease treatments. The pharmaceutical giant is committing $3.5 billion to U.S. expansion, including $2 billion in newly announced spending for manufacturing facilities in Maryland, Texas, and California. CEO Pascal Soriot cited the U.S. business climate and talent pool as key factors. Although shares initially rose, they later fell slightly as concerns persist regarding AstraZeneca's China operations, especially after the recent detention of its China president, Leon Wang. Additionally, AstraZeneca, in collaboration with Daiichi Sankyo, has submitted a U.S. application for accelerated approval of a new lung cancer drug.
