AstraZeneca

AstraZeneca delivered $54.07 billion revenue in 2024 (up 21%) while investing $13.58 billion in R&D—a 25.1% research intensity that signals r-selection strategy in pharmaceutical evolution. The company targets $80 billion revenue by 2030 through launching 20 new medicines this decade, with seven Phase III readouts scheduled for 2025 alone. This is adaptive radiation into therapeutic niches: oncology grew 24%, respiratory/immunology up 25%, cardiovascular up 20%. Each therapeutic area represents a distinct ecological opportunity where AstraZeneca's technology platform (antibody engineering, radioconjugates, cell therapy) can speciate into new treatments.

The June 2024 acquisition of Fusion Pharmaceuticals (radioconjugates) and July 2024 acquisition of Amolyt Pharma (rare endocrine diseases) demonstrate horizontal gene transfer—importing novel capabilities faster than internal development allows. Radioconjugates represent a new predation mechanism in oncology: deliver radioactive payload directly to cancer cells using antibody targeting. AstraZeneca isn't inventing the underlying biology; it's acquiring companies that solved specific technical problems, then integrating their solutions into its commercial engine. This is how large organisms absorb innovations from smaller specialists.

Oncology's dominance (41% of revenue, $22.4B) reveals keystone species dynamics in the portfolio: one therapeutic area's success funds exploration in others. The company's next-generation CAR-T and T-cell engager programs require massive capital—investments only possible because existing oncology products generate rivers of cash. AstraZeneca's 7% dividend increase and sustained shareholder returns prove the company hasn't sacrificed current metabolism for future growth—it's running both simultaneously. That's the K-selection advantage: once you reach sufficient scale, you can invest in both immediate reproduction (dividends) and offspring quality (R&D) without trade-offs that kill smaller competitors.