Soriot concerned 'distraction' of a Pfizer merger will damage pipeline prospects
This article was originally published in Scrip
AstraZeneca has rebuffed Pfizer's overtures, citing undervaluation, but in the most recent update, CEO Pascal Soriot claims his major concern is that the "distraction" of a megamerger would have a "big negative impact" on the pipeline: a pipeline with ambitious forecasts. AstraZeneca has released the company's long-range plan for 2014 to 2023 which forecasts annual revenues of more than $45bn by 2023. The company had revenues of $25.7bn in 2013, prompting some analysts to suggest AstraZeneca is being overly optimistic.