AstraZeneca 2Q: Soriot's In It For The Long Haul
AstraZeneca's CEO used the company's second-quarter earnings call to proclaim his commitment to the business just weeks after rumors spread worldwide that he might take up a vacant chief executive role at a rival firm.
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Pfizer will anchor the final week of major biopharma earnings calls, facing the same question as every firm with massive stockpiles of cash: When are you going to spend that money on a transformative M&A deal?
Pascal Soriot is reportedly about to abandon his top role at UK big pharma AstraZeneca to join Israel's generics giant Teva – a switch that could see him receive a $20m signing bonus, if the rumors are to be believed.
Just ahead of the deadline of 5pm 26 May (UK time), Pfizer confirmed the news that everyone had been expecting. Following AstraZeneca's rebuttal of Pfizer's "final" acquisition proposal of 18 May, Pfizer was walking away.