AstraZeneca outlines strategy to return to growth

Biopharmaceutical business AstraZeneca will drive its on-market growth platforms to return to growth as it moves through a period of patent expiries and revenue declines, an update issued by the group has shown.

It said that it would progress its Phase II pipeline, which has the potential to double Phase III asset volume by 2016 and outlined plans to launch a flow of speciality care products, balancing the company's historic strength in primary care.

Overall, it said it would be "dramatically simplifying the business, improving productivity and building a culture that supports long-term success".

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Pascal Soriot, Chief Executive Officer of AstraZeneca, said: "In setting out our strategy today, we are making an unambiguous commitment to concentrate our efforts and resources on our priority growth platforms and our priority pipeline projects.

"As we focus, accelerate and transform our business we know that our success will ultimately be measured by the quality of execution. I'm confident that we have set out on the right path to return to growth and achieve scientific leadership, and I'm equally confident that our people possess the talent, determination and focus to deliver for patients as well as our shareholders."

MF