AstraZeneca CEO Pascal Soriot scored a big increase in bonus for 2013, but his total not only falls short of last year's, but pales by comparison with the biggest in Big Pharma. And his predecessor David Brennan's pay beats the total, too.
When AstraZeneca CEO Pascal Soriot unveiled the company's new R&D strategy a little less than a year ago, the antibiotics research field was downgraded in the revamp--part of a general retreat by the industry as superbugs presented an ever-growing threat around the world. But the pharma heavyweight didn't abandon antibiotics.
AstraZeneca CEO Pascal Soriot arrived at JPMorgan with a message: The pharma giant has beefed up its late-stage pipeline and is now ready to prove it can start to grow again in the near future as it pushes through one of the industry's most radical R&D reorganizations.
Which drugmakers are likely to be the biggest dealmakers of 2014? The direct evidence is trickling in. Sanofi CEO Chris Viehbacher, for instance, says he's looking to spend up to €2 billion on deals next year, or about $2.7 billion.
The promising early results on AstraZeneca's lung cancer drug AZD9291 won't convince anyone that the troubled company is on the turnaround trail, but it's a step in the right direction in what CEO Pascal Soriot promises will be a slow but steady reversal of its misfortunes.
Back in 2012, olaparib was just another train wreck for AstraZeneca; a Phase II failure in ovarian cancer that was wrapped up and put on the shelf, forcing the pharma giant to write off $285 million.
While explaining some fresh dents in earnings and revenue for the second quarter, AstraZeneca officials made it clear that they would continue to invest in new products--hitting the accelerator on more dealmaking in an effort to break out of a painful slump brought on by years of star-crossed R&D work and a dwindling pipeline.
A few high notes in its second-quarter report--notably growth in China and an increase in Brilinta sales--give some support to CEO Pascal Soriot's attempts to strike a positive tone.
Celltrion confirmed Wednesday that its largest shareholder is in discussions with financial adviser JPMorgan but stressed in a statement that "no definite structure, decision or buyer regarding the stake sale has been determined."
The executive suite at AstraZeneca is churning again. CFO Simon Lowth is jumping ship for BG Group, a natural gas company. He'll be around till the end of October, however, giving CEO Pascal Soriot time to bring in a successor.