China, America and pay inject drama into AstraZeneca's AGM

The boss's bonus is an annual debating point at Britain's biggest company. But that's not the only issue this year, writes Julia Kollewe

- Julia Kollewe

AstraZeneca is used to facing protests over pay at its annual general meetings, given the position of its chief executive, Pascal Soriot, as the best-paid FTSE 100 chief executive for most of the past five years.

But pay is not the only issue overshadowing this year's virtual gathering on Friday.

Britain's biggest listed company, valued at about £170bn, faces investi-gations in China over import and data breaches, while it ran into controversy when it ditched the planned £450m expansion of its vaccine site in Speke, near Liverpool, in late January, after failing to hammer out a state support package with the UK government.

On top of these problems comes the prospect so far unrealised - of Donald Trump slapping tariffs on the pharmaceutical industry as part of his continuing attack on global trade practices.

The company's chair, Michel Demaré, will at least be able to reflect on a year that was financially successful. Strong sales of AstraZeneca's cancer, lung and immunology treat-ments lifted 2024 profits 38% higher to $8.7bn, with revenues up by 21% to $54.1bn.

The group is confidently predict-ing a jump in revenues to $80bn by 2030, as it is betting on the launch of 20 new medicines.

This impressive financial perfor-mance has been clouded by trouble in China, where AstraZeneca is one of the biggest multinational pharma businesses. Its shares have risen by just 9% in the past 12 months, while they are up by nearly 60% in the last five years.