医药：海外MNC动态跟踪系列（五）-阿斯利康：德曲妥珠单抗快速放量，达格列净成最畅销产品

Investment Rating - The industry investment rating is "Outperform" [34] Core Insights - AstraZeneca's revenue for 2024 is projected to reach $54.073 billion, representing a 21% year-on-year growth, driven by product sales growth of 19% and continued growth in collaboration revenues [5][11] - The oncology segment remains the largest contributor, generating $22.353 billion (+24%), followed by the CVRM segment at $12.517 billion (+20%) [5][11] - AstraZeneca aims to launch at least 20 new molecular entities (NMEs) by 2030, targeting total revenues of $80 billion [5][25] Summary by Sections Part 1: 2024 Financial Overview and Key Events - AstraZeneca's 2024 revenue is $54.073 billion, with a core EPS growth of 19% to $8.21 [11] - The company achieved significant sales in various therapeutic areas, with oncology leading at $22.353 billion [11][12] Part 2: Core Product Sales Analysis - The oncology segment's key products include Tagrisso ($6.580 billion, +16%), Imfinzi ($4.717 billion, +21%), and Enhertu ($1.982 billion, +58%) [16] - The CVRM segment's Farxiga generated $7.717 billion (+31%), making it the best-selling product for AstraZeneca [19] Part 3: 2025 Pipeline Milestones - Key regulatory approvals expected in 2025 include Calquence, Imfinzi, Ultomiris, Truqap, and Datroway [23] - Existing products are set for label expansions, including Datroway for lung and breast cancer [23] Part 4: 2025 Financial Outlook - AstraZeneca anticipates revenue growth in the high single digits and core EPS growth in the low double digits for 2025 [25] Part 5: Investment Recommendations - The report suggests focusing on companies like Kelun-Biotech, Hengrui Medicine, and Rongchang Biopharma, which are entering the ADC space [29]