Higher earner: Boss Pascal Soriot
AstraZeneca’s blockbuster lung cancer drug boosts survival rates among patients, the pharma giant said yesterday.
In a shot in the arm for the FTSE 100 group, a trial revealed that Imfinzi showed promise in treating highly aggressive small cell lung cancer.
AstraZeneca said the trial demonstrated ‘statistically significant and clinically meaningful improvement’ in survival of patients.
It comes as a shareholder rebellion brews over plans to pay AstraZeneca boss Pascal Soriot £18.9million this year. The French-born businessman scooped his biggest pay packet ever of £16.9million last year – the fifth year in a row he has earned more than £15million.
Investors have been urged to block the ‘excessive’ pay deal at next week’s annual general meeting.
But Soriot, 64, has been credited with turning the London-listed drug maker’s fortunes around – tripling the company’s share price since he took over in 2012.
Soriot also fought off a hostile takeover attempt from US rival Pfizer in 2014 and refocused the business on areas such as oncology.
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Cancer treatments including Imfinzi – which is already approved for non-small cell lung cancer – accounted for 40 per cent of AstraZeneca sales last year.
Developing blockbuster drugs is crucial for pharmaceutical firms as patents run out on older treatments. And AstraZeneca has been on a buyout spree to shore up its pipeline.
Last month it bought cancer treatment specialist Fusion Pharmaceuticals for £1.9billion.
Since December, it has bought rare disease focused firm Amolyt Pharma for £800million, cancer therapy company Gracell for £950million and vaccine developer Icosavax for £900million.
Dan Coatsworth, investment analyst at broker AJ Bell, said ‘pharma companies can never stand still’ as ‘the pipeline needs to be kept stocked up’.
‘AstraZeneca has spent £2.8billion in the past four weeks alone on two companies to fill its ever-important pipeline of treatments that will drive earnings in the future,’ he said.
Imfinzi is already approved to treat non-small cell lung cancer. AstraZeneca’s executive vice president of oncology research and development Susan Galbraith said the trial results were ‘exciting’.
Sheena Berry at investment manager Quilter Cheviot said the results were a ‘testament to the company’s strategic focus on oncology’.
