AstraZeneca Lifts Outlook, Gains Obesity Drug: The London Rush

Your morning roundup of key UK business news

Pascal Soriot, chief executive officer of AstraZeneca Plc, speaks during a news conference at the AstraZeneca research and development hub in Mississauga, Ontario, Canada.
Photographer: Cole Burston/Bloomberg

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By Gabriela Mello

November 9, 2023 at 8:00 AM UTC

Corrected

November 9, 2023 at 2:52 PM UTC

This article is for subscribers only.

Good morning, an extremely busy one on the corporates front, with AstraZeneca Plc back in the spotlight amid growing demand for its blockbuster cancer medicines. It also clinched a deal to develop a drug from the industry’s hottest class, targeting patients with diabetes and obesity.

The drugmaker raised its profit outlook for year, reaping the benefits of Chief Executive Pascal Soriot’s risky bet on oncology to transform the company’s once meager pipeline. It now expects sales to rise by a mid single-digit percentage this year and core earnings per share by a percentage up to the low teens.