Shares in AstraZeneca rose 2% today as the embattled company gave shareholders a third dose of good news in as many weeks.
Britain’s second-biggest drugmaker said it expects to return to growth faster than the City expects. Chief executive Pascal Soriot predicts 2017’s revenues will be in line with the 2013 level, which is a $3.3 billion (£2 billion) upgrade on current forecasts, despite facing generic competition on top-selling ulcer treatment Nexium, which loses US patent protection this year.
It now has 11 new medicines, particularly those for cancer patients, in late-stage development, almost double the number it had a year ago.
But Panmure Gordon’s drug expert, Savvas Neophytou, said: “Management is stepping on to thin ice with the same sort of guidance already attempted — and failed — by previous management.” Still, shares rose 72p to 3735.5p.
