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theguardian.com

AstraZeneca Cooperates with Chinese Drug Importation Probe

AstraZeneca faces investigations in China over the importation of cancer drugs, impacting its share price but not its overall strong financial outlook.

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English

United Kingdom

HealthChinaInvestigationFinanceBusinessPharmaceuticals

AstrazenecaChinese AuthoritiesQuilter CheviotUk Government

Pascal SoriotLeon WangMichael LaiSheena Berry

What is the outlook for AstraZeneca's future performance?: While the China investigations represent an overhang, AstraZeneca's strong pipeline and overall business performance suggest the company is well-positioned for future growth. Analysts predict continued growth and achievement of long-term revenue targets.
What is the broader context of these investigations within China?: The investigations stem from a wider crackdown by Beijing on international drugmakers and hospitals as part of an anti-corruption campaign to control rising medical spending. This is separate from a 2021 insurance fraud case which also involves AstraZeneca executives in China.
What is AstraZeneca's response to the Chinese authorities' investigations?: AstraZeneca is fully cooperating with Chinese authorities investigating the importation of two cancer treatments, Imjudo and Enhertu, into China. The investigation involves five executives, both current and former, and allegations include illegal importation and medical insurance fraud.
What is the current financial state of AstraZeneca despite the investigations?: Despite the ongoing investigations in China, AstraZeneca maintains a strong financial position. The company increased its 2024 revenue and profit forecasts and announced a significant investment in research and development in the US.
Who is involved in the investigations, and what is the company's current status?: The investigations focus on five executives, and AstraZeneca itself is not under investigation. The company's China business continues to operate, though it is now being run by Michael Lai, the general manager.

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