AstraZeneca fends off Pfizer with new growth plan

AstraZeneca has outlined plans to grow annual sales to more than USD 45 billion by 2023 as an independent company, days after the drugmaker rejected a takeover bid by rival Pfizer.
In an update to shareholders, AstraZeneca said investors would share the benefits of a "strong and consistent revenue growth" projected for 2017-2023.
The UK-based company on Friday spurned Pfizer's third acquisition proposal, this time for about USD 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 were USD 25.7 billion, down 6 percent on the previous year, but the company today said that under its new management and strategy it is now "repositioned for a return to growth.