AstraZeneca to stay independent, 'strong'
LONDON — AstraZeneca on Tuesday outlined plans to make sales jump during the next decade, an effort to persuade shareholders the drugmaker can do well as an independent company rather than get bought out by rival Pfizer.
In a statement, AstraZeneca said investors would share the benefits of a “strong and consistent revenue growth” in which annual sales would rise to more than $45 billion by 2023 from $25.7 billion last year.
The Britain-based company on Friday spurned Pfizer's third acquisition proposal, this time for about $106 billion. AstraZeneca PLC, the No. 8 drugmaker, called that inadequate and said the potentially lucrative “pipeline” of new drugs it is developing would be disrupted by a takeover.
AstraZeneca's revenues last year fell 6 percent, but the company said Tuesday that under its new management and strategy, it is now “repositioned for a return to growth.”
“AstraZeneca is completing its transformation and now has the right size, focus and team to deliver on one of the most exciting pipelines in the pharmaceutical industry,” Chief Executive Pascal Soriot said. “We are continuing to create significant value for shareholders from our independent strategy.”
Pfizer said last week it was considering its options. If the deal succeeds, it would be the biggest takeover in British corporate history. Many politicians fear it could mean big job cuts and a loss of stature in the country's science sector.
On Tuesday, Business Secretary Vince Cable told lawmakers he will not rule out intervening in any formal bid by Pfizer to buy AstraZeneca, although he stressed that the shareholders of both companies make the ultimate decision.
“We see the future of the U.K. as a knowledge economy, not as a tax haven,” he said, referring to concerns that Pfizer could benefit from tax advantages should it acquire AstraZeneca.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Mud serves as multipurpose tool in $100B shale industry
- Shift in what powers the grid raises concerns about fuel diversity
- Free-market thinker Hall to lead Congressional Budget Office
- Rue21 adjusts for tough market
- Mylan closes $5.3B tax-lowering deal with Abbott Labs
- ‘Shark Tank’ companies have change of heart
- Economist Hubbard says GOP should grow number of workers
- Wolf tax proposal puts Beaver County Shell plant at risk, gas group head says
- Tech sector’s stocks strong
- Easier home loan rules worry some
- Nissan’s sport coupe a performance steal