Firm’s share price has crashed after a key cancer drug flopped in trials, leading £13m-a-year CEO to insist: ‘I’m not a quitter’
This year would be “pivotal” for AstraZeneca, its chief executive, Pascal Soriot, has said for ages. It would mark the moment when the firm would display the new wonders from its laboratories. The march towards annual revenues of $45bn (£34.5bn) by 2023, the target set when Pfizer’s takeover offer was rebuffed three years ago, would begin in earnest. So how is 2017 shaping up?
Horribly. The share price has just crashed by 15% because a key lung cancer drug flopped in clinical trials. In January, Luke Miels, the European boss, hopped off to join its arch-rival, GlaxoSmithKline. And Soriot himself has spent a fortnight declining to shed useful light on the story that he considered quitting to join the Israeli outfit Teva.
Related: AstraZeneca shares dive after failure in key lung cancer drug trial
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