AstraZeneca fends off Pfizer with new growth plan

Image
AP London
Last Updated : May 06 2014 | 9:14 PM IST
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.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: May 06 2014 | 9:14 PM IST

Next Story