AstraZeneca CEO Pascal Soriot is counting on the company's cancer drug pipeline to help it climb out of the revenue hole it has fallen into, and he figures his company needs more manufacturing capacity for the coming launches.
FiercePharmaAsia combs earnings calls by major drug companies for notable and quotable nuggets on emerging markets and Asia to track the latest sales trends and insight into business outlooks in markets as diverse as China, India and Japan to Southeast Asia.
AstraZeneca CEO Pascal Soriot got a bit of a pay raise last year, with a 3% bump to his base salary. His bonus jumped, too, putting his salary, bonus and cash benefits at £3.5 million. But Soriot's real boost came in the form of equity that won't pay off for a few years: Some £4.8 million in shares, under the company's long-term incentive plan.
AstraZeneca hiked its 2014 forecast for the second time this year. Sales were up by 5%. Instead of apologizing for a lack of growth, CEO Pascal Soriot could crow about the opposite. Revenue of $6.54 billion beat analyst estimates, and core EPS of $1.05 did the same.
With rampant speculation that Pfizer might renew its effort to buy AstraZeneca, one might assume the takeover target's CEO, Pascal Soriot, would be locked up in meetings, devising a strategy for fending off the latest offer. Not so. Instead Soriot has been hobnobbing at the European Society of Cardiology congress in Barcelona, doing his best to demonstrate that AstraZeneca can thrive as an independent company.
The U.S. Department of Justice closed out its probe of a key Brilinta trial--and without further ado. No additional label warnings. And certainly no forced withdrawal from the U.S. market.
Pascal Soriot has raised the stakes on AstraZeneca's turnaround. The chief executive plunked down $3.4 million to buy more of his company's shares.
Pascal Soriot says confidently that AstraZeneca will make its forecast of $45 billion in sales by 2023, the one it trotted out during its fight with Pfizer to convince shareholders it was best going it alone.
As the May 26 deadline for Pfizer to sweeten its $106 billion offer for AstraZeneca draws closer, a bevy of Swedish officials are now echoing the British government's concern that the deal will be bad for European business.
Reuters reports that British Prime Minister David Cameron is now demanding stronger guarantees that Pfizer's buyout of AstraZeneca won't decimate the country's science community and leave a host of employees jobless.