AstraZeneca investors stage rebellion over pay

Posted by Unknown on Thursday, April 24, 2014


It is understood that Standard Life, a top 20 shareholder with a stake worth around £360m, according to Bloomberg data, was among those who opposed the pay deal.




It is understood that the company had received limited feedback from investors but that concerns included AstraZeneca's financial performance last year. In 2013 revenues slid 8pc to $25.7bn (£15.3bn) and pre-tax profits slumped 57pc to $3.3bn.


Mr Soriot, who took the helm in late 2012, has tried to reinvigorate the company's beleaguered drugs pipeline as it faces a string of patent expiries on its best-selling drugs.


He has cut thousands of jobs, shut down seven of Astra's 11 research sites, and focused the company around just three major therapy areas: cancer, cardiovascular and metabolic, which includes diabetes, and respiratory and inflammation, which covers illnesses such as chronic obstructive pulmonary disease (COPD) and rheumatoid arthritis.


Sales have been falling since 2011 and this is forecast to continue for a number of years. However in January Mr Soriot said he believed AstraZeneca could return to sales growth by 2017 , earlier than many analysts currently predict.


Earlier on Thursday the company posted a 51pc slide in pre-tax profit for the first three months of the year. Mr Soriot said the company's profits would continue to take a hit as it ploughs cash back into the business.





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