AstraZeneca PLC

NASDAQ:AZNUnited States

May 31, 2024

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• Fusion Pharmaceuticals Gets Court Order Approving AstraZeneca Deal, from 4:45PM ET on Friday May 31, 2024 by MT Newswires

  4:45PM ET on Friday May 31, 2024 by MT Newswires
  Companies Mentioned: AZN, FUSN
  04:45 PM EDT, 05/31/2024 (MT Newswires) -- Fusion Pharmaceuticals (FUSN) said Friday it received a final court order approving the acquisition of the company by a wholly-owned subsidiary of AstraZeneca (AZN). Under the deal, Fusion shareholders will...

• DJ AstraZeneca PLC Stock Rises Friday, Outperforms Market, from 12:00PM ET on Friday May 31, 2024 by Dow Jones

  12:00PM ET on Friday May 31, 2024 by Dow Jones
  Companies Mentioned: AZN
  
  This article was automatically generated using Dow Jones technology.
  
  Shares of AstraZeneca PLC rose 1.1% to SEK1,643.00 Friday on what proved to be an overall positive trading session for the stock market, with the OMX Nordic 40 Index rising 0.8% to 2,861.91.
  

• *DJ AstraZeneca's CEO Pascal Soriot Says He Has No Plans to Retire, from 9:23AM ET on Friday May 31, 2024 by Dow Jones

  9:23AM ET on Friday May 31, 2024 by Dow Jones
  Companies Mentioned: AZN
  By Helena Smolak AstraZeneca's longest-serving chief executive, Pascal Soriot, has no plans to step down for now as the company tries to grab a slice of the booming weight-loss market and aims to almost double revenue by the end of the decade. Soriot fended off a bid by U.S. rival Pfizer in 2014, promising investors he could lead the company to better results on its own. Over the years, Soriot has faced speculation over his future at the helm of the company. "I have no plans to retire, because I am really enjoying what I'm doing," he said when asked whether he would retire by the end of the decade. He is largely credited with delivering on his pledges a decade ago, including by bolstering the drugmaker's cancer franchise and turning oncology into its biggest business segment. AstraZeneca shares have nearly tripled since Pfizer walked away. Pfizer shares, meanwhile, trade at roughly the same level currently as ten years ago. While Pfizer's Covid-19 vaccine gave it a big boost, AstraZeneca had a more tumultuous pandemic. AstraZeneca rolled out one of the first vaccines, but its debut was marred by reports of side effects, political fights over access to the shots and a dust-up with U.S. regulators over data showing its efficacy. Last year, Soriot, 65, said he was committed to another five years at the U.K. drugmaker he has led since 2012 amid a fresh bout of speculation over a possible departure. Soriot is currently steering the Anglo-Swedish pharmaceutical giant into the booming--and increasingly crowded--market for weight-loss drugs. Around half of the global population will be overweight or obese by 2035, according to last year's World Obesity Atlas. The company trails peers Novo Nordisk and Eli Lilly, whose stock prices surged on the popularity of their obesity drugs. Other rivals developing weight-loss drugs include Pfizer, Amgen, Viking Therapeutics and Roche. AstraZeneca's drug candidates mimic a gut hormone called GLP-1, which is also part of Novo's Wegovy or Lilly's Mounjaro, both of which already received regulatory approval for weight-loss. AstraZeneca last year struck a deal for a weight-loss pill still in early-stage trials with Chinese biotech Eccogene, adding to one GLP-1 in-house drug in development. The company plans to forge a different path to growth in the field with a focus on weight management, addressing the needs not only of people who are obese, but overweight, a bigger population group, Soriot said. AstraZeneca also wants its drugs to be available in formats other than injections, which are expensive and difficult to launch in emerging markets, according to Soriot. AstraZeneca has three weight-management drugs moving to phase 2 trials in the next 12 months. The company also aims to launch 20 new medicines by 2030 and is seeking to refresh its cancer lineup. Seven drug candidates in late-stage development have potential to generate annual revenue of more than $5 billion each, five of which are in oncology, AstraZeneca said. AstraZeneca doesn't have further dealmaking on its radar for now, Soriot said, but he didn't rule out deals in China within this decade given growth opportunities in the country. China represented 13% of AstraZeneca's revenue last year, making it the pharma major with the greatest sales exposure to China, according to FactSet data. "A lot of innovation in our industry is now happening in China, so we need to be there and be strong," Soriot said. AstraZeneca acquired Gracell Biotechnologies at the end of last year to expand its cell-therapy portfolio. AstraZeneca faces several short-term challenges: The U.S. patent on its top diabetes drug Farxiga expires next year. In the U.S., the Inflation Reduction Act introduced measures that allow Medicare--the country's biggest buyer of prescription drugs--to negotiate how much it pays for high-price drugs. That could hurt AstraZeneca's top line by about $500 million, an impact around 1%, while the company is growing 15%-16%, Soriot said. AstraZeneca last week said it aimed to boost revenue to $80 billion in 2030 from $45.8 billion in 2023. It set that target at an investor day, the first in almost ten years, when AstraZeneca issued its last long-term sales goal, after the Pfizer pursuit. Write to Helena Smolak at helena.smolak@wsj.com (END) Dow Jones Newswires May 31, 2024 09:24 ET (13:24 GMT)