Monday, October 01, 2012

Pascal pulls the plug

AstraZeneca suspends share buyback


A pharmacist counts pills in a pharmacy.

AstraZeneca Plc said on Monday it suspended its share repurchase programme with immediate effect.

The British drugmaker, however, maintained its core earnings target for the full year at between $6 and $6.30 per share.

“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,” said Pascal Soriot, who was recently appointed as CEO. - Reuters


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