Shares in drugs giant AstraZeneca were hit in afternoon trading on Monday after the company revealed that it has suspended its share repurchase programme.
After trading in the blue in morning trade, shares swung into negative territory shortly after the announcement, trading down 1.93% at 2,898p by 14:08.
The company has repurchased a net $0.7bn of shares since the end of the first half, bringing the year-to-date total to $2.3bn. The group's initial full-year target for repurchases stands at $4.5bn.
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Chief Executive Officer Pascal Soriot, who was appointed as frontman of the pharmaceuticals mammoth on August 28th, said in a statement: "As I assume my new responsibilities at AstraZeneca, I believe this is a prudent step that maintains flexibility while the board and I complete the company's ongoing annual strategy update."
Nevertheless, the firm reassured that its core earnings per share (EPS) target range for the full year remains at $6.00-6.30.
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