AstraZeneca Remains Committed to UK Investment Despite Vaccine Factory Axing
AstraZeneca's CEO, Sir Pascal Soriot, has refuted claims of a rift with the UK government following the cancellation of plans for a £450m vaccine factory in Liverpool.
Sir Pascal dismissed suggestions that tensions with ministers influenced the decision, attributing it primarily to reduced government financial support. "It was not possible for the government to justify [the investment], which we totally understand. And on our side, we cannot justify it either," he stated.
Despite the setback, AstraZeneca remains committed to its UK presence. "We are very committed to the UK, but we can't make all our investments in the UK," Sir Pascal said.
The company is exploring alternative options for the project and actively seeking ways to improve the investment environment in the UK for life science companies. This includes streamlining approvals for innovative drugs and lowering the NHS sales rebate rate.
Sir Pascal highlighted that the UK needs to enhance its competitiveness in the life sciences sector by creating a more attractive investment landscape. He previously criticized high UK tax rates, resulting in AstraZeneca's decision to establish a new $400m drug factory in Ireland in 2023.
Meanwhile, AstraZeneca is cooperating with Chinese authorities in an ongoing investigation into potential unpaid import taxes. In 2024, the company reported a significant increase in revenues, driven by strong sales in oncology treatments and resulting in a 26% rise in pre-tax profits.