Quick overview

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AstraZeneca Plc expects profit to grow further this year, boosted by sales of its cancer drugs as it works to offset the patent expiry of a blockbuster diabetes drug.

Earnings per share, excluding some items, are expected to rise by a low double-digit percentage, the UK drugmaker said Tuesday. That’s in line with analysts’ expectations. Astra also reported fourth-quarter profit and revenue that roughly met estimates.

Under Chief Executive Officer Pascal Soriot, Astra has become a cancer-drug powerhouse and one of the top two largest companies on the London Stock Exchange. The viability of Soriot’s ambition to reach $80 billion in revenue by the end of the decade will become clearer this year as the drugmaker seeks to almost double sales from 2023 levels.

Astra is working to increase the number of weight-loss medications in its pipeline.

It signed a deal with the Chinese company CSPC Pharmaceutical Group Ltd. for up to $18.5 billion. As pharmaceutical companies vie for the next generation of treatments in a booming market dominated by Eli Lilly and Co., the agreement gives Astra access to CSPC’s long-acting peptide technology, which could enable monthly dosing. and Nordisk A/S, Novo.