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AstraZeneca Pledges Sales Boost Even as Strong Dollar Bites

  • U.K. drugmaker now expects at least $40 billion in revenue
  • Shares rise to highest ever as CEO cites pipeline’s value
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AstraZeneca Plc’s Chief Executive Officer Pascal Soriot pledged to boost sales to about $40 billion to $41 billion by 2023, easing investor concerns about the drugmaker’s pipeline even as the stronger U.S. dollar trims revenue.

A $45 billion sales goal set in 2014 was calculated using exchange rates of 2013, and could change again if the dollar weakens, Soriot said in an interview. The U.K. drugmaker, facing an unsolicited takeover offer from Pfizer Inc. at the time, had promised to deliver better value to investors by doubling down on its pipeline of treatments for cancer, respiratory ailments and heart disease.