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AstraZeneca PLC on Tuesday took the rare step of addressing a sharp fall in the company’s share price. Shares in the Cambridge-based pharmaceuticals company slumped 8.2% to 10,138.10 pence each in London. Market concerns appeared to centre on concerns over an ongoing probe in China and disappointing weight loss drug data. In a short statement, AstraZeneca said: ‘As a matter of policy, we do not comment on speculative media reports including those related to ongoing investigations in China.’ ‘If requested, we will fully cooperate with the Chinese authorities.’ ‘We continue to deliver our life changing medicines to patients in China and our operations are ongoing.’ Last Wednesday, the company said its China President Leon Wang was cooperating with an ongoing investigation by Chinese authorities. Wang is also executive vice president of the International division. ‘Our China operations continue under the leadership of the current general manager of AstraZeneca China. If requested, AstraZeneca will fully cooperate with the investigation,’ the company said. In addition, analysts focused on the release of early data on its weight loss drug portfolio. AstraZeneca had revealed early data for its prospective weight loss drug at the ObesityWeek 2024 meeting in San Antonio, Texas on Monday. Deutsche Bank reiterated a ’sell’ rating following the update, noting the GLP-1 data ‘was somewhat underwhelming’. Jefferies took a less pessimistic view noting the data was ‘largely incremental, as expected.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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