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AstraZeneca chief says group takes China investigation ‘very seriously’
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AstraZeneca chief says group takes China investigation ‘very seriously’

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AstraZeneca Chief Executive Pascal Soriot said the company took the arrest of its president in China “very seriously” as the drugmaker raised its guidance for the second consecutive quarter thanks to strong sales of cancer drugs.

“We take matters in China very seriously,” Soriot said when the company reported third-quarter results on Tuesday. “If requested, we will fully cooperate with the authorities.”

Soriot’s comments come after FTSE 100 group confirmed last week that the head of its China business, Leon Wang, had been detained, and that two former and two current executives were being investigated in China over allegations of illegally importing oncology drugs.

A person familiar with the matter said authorities were investigating the alleged importation of AstraZeneca’s cancer drug Imjudo, which has not been approved for sale in Porcelain.

The investigations have obscured AstraZenecawhich is the largest foreign drugmaker in China, with sales of nearly $6 billion there last year. Its shares have fallen more than 10 percent since the company first revealed that Wang was under investigation on October 30.

The company said Tuesday, along with the release of its quarterly results, that it now expected “high” percentage growth in revenue and earnings per share, above the “medium” expected.

The scrutiny of its Chinese business comes after Soriot set an ambitious goal this year to nearly double global annual sales from $46 billion in 2023 to $80 billion in 2030.

Since reaching a market capitalization of £200bn for the first time in August, the company’s value has fallen to £155bn.