AstraZeneca Shifts Focus Amid China Probe

AstraZeneca is shifting its focus to the US market, announcing a $3.5 billion investment to expand its research and manufacturing operations there by 2026, in light of slowing growth in China amid a criminal probe. The investment includes setting up a research and development center in Massachusetts, a biologics manufacturing facility in Maryland, and creating over a thousand new jobs. This strategic move is part of AstraZeneca's plan to reach $80 billion in total revenue by 2030, driven by strong demand for its cancer and rare-disease drugs. The company has raised its annual forecast, expecting a high-teens percentage growth in revenue and earnings per share, supported by higher-than-expected sales of its cancer drugs like Tagrisso and Enhertu. Meanwhile, AstraZeneca is dealing with a serious investigation in China involving allegations of insurance fraud and illegal drug importation, although the company itself has not been formally implicated. CEO Pascal Soriot has pledged full cooperation with Chinese authorities as the company remains committed to the market.