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Soriot concerned 'distraction' of a Pfizer merger will damage pipeline prospects

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Executive Summary

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.

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