AstraZeneca CEO Pascal Soriot joined Yahoo Finance to discuss the company's earnings today.
) stock is up following its latest earnings report Thursday after the company reported $12.7 billion in revenue, beating consensus estimates of $11.8 billion in the first quarter of 2024.
"It really shows that we are bringing our medicines to lots and lots of patients around the world," he said.AstraZeneca has the attention of investors as it joins a number of large pharmaceutical firms looking for ways to boost their pipelines with new products, as some of their biggest blockbusters face patent cliffs this decade.
The latest strategy is a bill in Congress, the Biosecure Act, that puts a microscope on China's WuXi Biologics, which. The fears that spurred the bill mirror those seen in other sectors: concerns about national security risks and the potential for intellectual property to be stolen to benefit China.that includes raising a $1 billion fund to help support manufacturing and R&D initiatives in China — through AstraZeneca-owned and Chinese-owned entities.
BIO president and CEO John Crowley said in his announcement that as a former Navy Intelligence Officer he understands the dangers of biotechnology getting into the hands of the US adversaries. The company recently attempted to fend off short sellers by advising investors on ways to prevent their shares from being loaned for short-interest positions.It paid off nicely to dump stocks nearly a year before the dot-com and housing bubbles burst, B. Riley's Paul Dietrich said.
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