WEBVTT - AstraZeneca CEO Talks Drug Sales in US

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Well, as you know, tariff talks continuing, as do presidential

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<v Speaker 2>statements about more manufacturing back here in the United States.

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<v Speaker 2>The pharmaceutical industry among the latest to be targeted by

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<v Speaker 2>President Trump, who made comments Monday from Scotland.

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<v Speaker 3>We'll be announcing on pharmaceuticals sometime in the very near future.

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<v Speaker 3>We have a very big plan on pharmaceuticals. We want

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<v Speaker 3>to bring a lot of the pharmaceuticals back to America.

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<v Speaker 3>Will you know the way they should be. We're going

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<v Speaker 3>to want to be making a lot of them ourselves,

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<v Speaker 3>all of them in a sense. But you also have

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<v Speaker 3>a good pharmaceutical business. We'll be dealing with you on pharmaceuticals.

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<v Speaker 2>All right. That, of course, was President Trump on Monday

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<v Speaker 2>from Scotland. We've got a great voice on this and

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<v Speaker 2>really the overall pharma industry. Big Pharma. A company that

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<v Speaker 2>reported earnings earlier today. We're talking about Astrazenica. Eighty hours

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<v Speaker 2>of the company, by the way, are rallying more than

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<v Speaker 2>four percent in today's session. Great to have with us

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<v Speaker 2>in studio. Pascal Sorio. He is Astrozenica's chief executive officer.

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<v Speaker 2>Also with us a member of our editorial team here

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<v Speaker 2>at Bloomberg knows this company and industry so well as

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<v Speaker 2>Bloomberg News health reporter Madison Muller. Pascal, by the way,

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<v Speaker 2>also a former CEO of Genentech. Thank you, thank you

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<v Speaker 2>for joining us.

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<v Speaker 4>Welcome, thank you for having me. It's very a pleasure,

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<v Speaker 4>thank you.

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<v Speaker 2>It's a pleasure for us. Big space, a space that's

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<v Speaker 2>certainly garnered the attention of President Trump. I am curious,

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<v Speaker 2>you know, in terms of the President talking about more

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<v Speaker 2>manufacturing in the United States, and I know you guys

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<v Speaker 2>are making some further investments here, talk to us about

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<v Speaker 2>how presidential policy is impacting maybe your business.

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<v Speaker 5>Yeah, I mean, I think, first of all, it's a

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<v Speaker 5>great question. But first of all, it's important to really

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<v Speaker 5>think about what every country.

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<v Speaker 4>Would want to do. Every country would want.

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<v Speaker 5>To make sure they can and they can secure the

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<v Speaker 5>health of their citizens.

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<v Speaker 4>It's a question of national security.

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<v Speaker 5>So nobody should be surprised that the president wants to

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<v Speaker 5>reshore manufacturing or pharmaceutical products. I personally, I have seen

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<v Speaker 5>this happen since several years, and we decided several years

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<v Speaker 5>ago to increase some manufacturing footprint in the US. So

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<v Speaker 5>we can actually manufacture many scenes for American patients in America.

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<v Speaker 5>Every country would want to do that, and a big

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<v Speaker 5>country like America, of course, kind of thought to do it.

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<v Speaker 1>You said that you made that decision several years ago.

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<v Speaker 1>How much of the fifty billion dollar pledge was planned

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<v Speaker 1>before the President threatened these terraffts.

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<v Speaker 5>Well, we've been pursuing this strategy of manufacturing in China

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<v Speaker 5>for China, in the US for the US since five

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<v Speaker 5>six years and quite frankly, COVID actually showed us we

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<v Speaker 5>were on the right track because we all saw what

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<v Speaker 5>happened during COVID, and so we accelrated this movement and

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<v Speaker 5>sour fifty billion commitment is a commitment to R and

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<v Speaker 5>D but also commitment to manufacturing. We announced together with

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<v Speaker 5>the Governor of Virginia, a multi billion dollar investment in

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<v Speaker 5>manufacturing in Virginia, and the Governor of Virginia has been

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<v Speaker 5>incredibly fast with this team, thirty three days to reach

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<v Speaker 5>an agreement. It's incredible, so we're very happy to be there.

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<v Speaker 5>We are building a new R and D site in

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<v Speaker 5>Kendle Square, Cambridge, Massachusett, with twenty five hundred scientists that

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<v Speaker 5>we'll be working there, and there's more to come. We're

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<v Speaker 5>just finishing the build of a cels Rup manufacturing site

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<v Speaker 5>in Rockville, Maryland. We've expanded in California. So so it's

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<v Speaker 5>a sort of multi plane effort across many states across

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<v Speaker 5>the US.

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<v Speaker 6>You know, you've said that Virginia obviously has made it

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<v Speaker 6>easy to make manufacturing investments there in North Carolina is

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<v Speaker 6>pretty similar. Are there other states in the US where

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<v Speaker 6>you're having these types of good conversations that are you know,

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<v Speaker 6>incentivizing businesses like yours to invest.

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<v Speaker 5>Well, you know, it's hard for me to point the

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<v Speaker 5>point that any state that is better than another.

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<v Speaker 4>Let me just say that we have.

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<v Speaker 1>No problem from different in New Jersey.

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<v Speaker 5>Let me let me just say that the company like

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<v Speaker 5>ours follow the science. So science is key, and so

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<v Speaker 5>you need to be able to recruit the right scientences,

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<v Speaker 5>the right engineers. And in Virginia you can do this

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<v Speaker 5>because you have some of the best university universities. The

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<v Speaker 5>other part is dealing with partners in a public sector

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<v Speaker 5>that understand us.

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<v Speaker 4>That we trust each other, we can move fast.

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<v Speaker 5>You know, I always tell people in our company talk

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<v Speaker 5>about as Tazenica speed, because there's a lot of competition.

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<v Speaker 5>We need to move fast. I've learned Virginia speed. The

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<v Speaker 5>governor has moved so quickly. So this is the kind

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<v Speaker 5>of thing we want to see, whether it's in America,

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<v Speaker 5>in a state or in a country. We want speed

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<v Speaker 5>and we want people who understand how we think.

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<v Speaker 1>You want speed. You want people to understand how you

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<v Speaker 1>think you want to You said you want to follow

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<v Speaker 1>the science. There has been criticism that Robert F. Kennedy, Junior,

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<v Speaker 1>the Secretary of Health and Human Services, has not necessarily

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<v Speaker 1>always followed the science with his comments when it comes

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<v Speaker 1>to medicine, when it comes to drugs, when it comes

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<v Speaker 1>to vaccines. How do you look at that and his

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<v Speaker 1>role there.

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<v Speaker 5>Well, you know, I'm not here to actually get involved

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<v Speaker 5>in political discourses. Let me just say that as a company,

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<v Speaker 5>science is at the heart of everything we do. The

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<v Speaker 5>reason we have such a large oncology pipeline in particular

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<v Speaker 5>and beyond this is because we've focused on science for

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<v Speaker 5>the last ten twelve years. And America is where science

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<v Speaker 5>in our industry is happening. And that's why it's so

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<v Speaker 5>critical to preserve this biosciences leadership. The US has globally

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<v Speaker 5>China is also becoming a very big source of innovation

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<v Speaker 5>in our industry. Your open fortunately is falling behind for

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<v Speaker 5>a variety of reasons. So innovation is happening here. We

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<v Speaker 5>need to keep this going.

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<v Speaker 4>We need to.

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<v Speaker 5>Actually continue supporting the leadership. And that's why we invest

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<v Speaker 5>fifty billion dollars in this country, not only in manufacturing

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<v Speaker 5>but also in R and D.

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<v Speaker 2>What about China, I'd love you to kind of explore

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<v Speaker 2>that a little bit. What are you investing in and

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<v Speaker 2>building out in China and what might surprise our audience

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<v Speaker 2>about the innovation that's happening in China, especially when it

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<v Speaker 2>comes to pharmaceuticals.

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<v Speaker 4>Yeah, I think my great question, and I think we

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<v Speaker 4>need to start.

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<v Speaker 5>With the the hypothesis, the assumption that basically the more

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<v Speaker 5>products or the more innovation exists in the world, the

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<v Speaker 5>better it is for everybody, for every patient, because if

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<v Speaker 5>you have a patient with cancer, the only thing that

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<v Speaker 5>you care about is to be cured if you can

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<v Speaker 5>be cured, right, And so innovation in China has really

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<v Speaker 5>ramped up very rapidly in the last few years. China

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<v Speaker 5>has gone from making generics to me toos to Metwo

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<v Speaker 5>plus what we call meet two plus in our industry

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<v Speaker 5>to truly innovate these days, innovate in new technologies and

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<v Speaker 5>cell therapy in si RN, in many many technologies, and

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<v Speaker 5>so China has become the second engine of innovation, not

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<v Speaker 5>as big as the US. The US remains the leader

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<v Speaker 5>in that field, but China is ramping up very quickly.

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<v Speaker 2>Is the administration with some of it, some would say

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<v Speaker 2>questionable disruptive policies. There's been a lot of reporting about

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<v Speaker 2>scientists kind of leaving the United States and going elsewhere.

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<v Speaker 2>Are you seeing signs of that, whether it's to Europe,

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<v Speaker 2>to China to elsewhere because of not supporting, you know,

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<v Speaker 2>academia and academic universities. Some of that seems to be

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<v Speaker 2>coming back.

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<v Speaker 5>But yeah, but you know, in these things, it's always

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<v Speaker 5>difficult to discern what is anecdotal versus what is systemic.

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<v Speaker 5>What we have seen in China is really a substantial

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<v Speaker 5>return of scientists from the US but also from the

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<v Speaker 5>UK and elsewhere, but not because of policy, simply because

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<v Speaker 5>they could see opportunities in China. There is money, there

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<v Speaker 5>is capital that can be invested. The Chinese are willing

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<v Speaker 5>to take rise. The government has facilitated the return of

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<v Speaker 5>the scientists, and they've come back. But I can tell

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<v Speaker 5>you that a lot of the scientists we work with

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<v Speaker 5>and China in about the companies that we partner with,

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<v Speaker 5>many of these people are American, the American Chinese. I

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<v Speaker 5>mean they go back and forth, back and forth. There

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<v Speaker 5>are bridged between the US and China. But they've gone

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<v Speaker 5>to China because of the opportunities to create a company,

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<v Speaker 5>be funded, tach risk and and.

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<v Speaker 4>Hopefully be successful and buy and large. They've been quite successful.

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<v Speaker 5>I want to say though, that the leadership remains with

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<v Speaker 5>the US and we need to maintain this, of course,

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<v Speaker 5>I mean the country needs to maintain this.

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<v Speaker 6>There's been some concern though that companies like yours, you know,

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<v Speaker 6>not necessarily astro, but big pharmaceutical companies are going to

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<v Speaker 6>China for most of their biotech deals. Now, you know,

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<v Speaker 6>what would you say to that and what would US

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<v Speaker 6>biotech companies need to do to sort of attract investments

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<v Speaker 6>from from well, I.

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<v Speaker 5>Mean the first thing I would say is that if

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<v Speaker 5>you're a patient, you don't care. What you want is

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<v Speaker 5>a drug that will help you. Right, So when we

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<v Speaker 5>do a deal with a Chinese company, typically it's because

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<v Speaker 5>they've discovered a product and they need help to globalize it.

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<v Speaker 5>Because discovering something in a lab is one thing. It

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<v Speaker 5>doesn't require a huge amount of money. It require us

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<v Speaker 5>very talented people, but the capital requirement is limited. When

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<v Speaker 5>you want to develop globally, then you need to scale.

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<v Speaker 5>You need billions of dollars of investment in phase two,

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<v Speaker 5>phase three, and you need to scale. You need the people,

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<v Speaker 5>the expertise. So what we do is we lice on

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<v Speaker 5>sindle product and then we develop them globally and then

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<v Speaker 5>bring them to patients so they start the innovation started

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<v Speaker 5>in China but becomes a global medicine for everybody, so

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<v Speaker 5>it really benefits everybody around the world.

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<v Speaker 1>I want to go back to sort of a global

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<v Speaker 1>domestic question the idea of your listing, and the Times

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<v Speaker 1>of London has said that Astro Zeneka is looking to move.

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<v Speaker 1>It's listening to the US.

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<v Speaker 4>Are you going to do that?

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<v Speaker 2>Well, you just shirt with us.

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<v Speaker 3>Yeah.

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<v Speaker 5>We don't comment on rumors, and you know, as a

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<v Speaker 5>company over the last ten years we've had so many rumors.

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<v Speaker 5>We don't comment on rumors. The only thing I will

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<v Speaker 5>say really is the United States is really core to

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<v Speaker 5>our company. By two thousand and thirty, we expect fifty

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<v Speaker 5>percent of our revenue to come out of the United States.

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<v Speaker 5>Today it's forty four forty five percent. We're all tremendously

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<v Speaker 5>in the US, and the first half. The US is

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<v Speaker 5>the country that innovates, I just audio, but also the

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<v Speaker 5>countries that uptake the innovation faster, patients benefit much faster.

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<v Speaker 5>So we want to invest here and we want to

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<v Speaker 5>grow here, and that is a very critical part of

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<v Speaker 5>our company globally.

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<v Speaker 2>Just curious in terms of growth. You know, we've talked

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<v Speaker 2>about earnings and your cancer drugs are certainly important in

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<v Speaker 2>terms of growth. Where do you see kind of the

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<v Speaker 2>most significant growth trends when it comes to pharmaceuticals. We've

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<v Speaker 2>spent the last what is it, Madison, the last couple

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<v Speaker 2>of years talking about the obesity drugs and weight loss drugs,

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<v Speaker 2>But where do you see it? We talk often about

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<v Speaker 2>genes and genetic and immunotherapy. Where do you see the

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<v Speaker 2>real growth coming in the next I don't know, five

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<v Speaker 2>to ten years.

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<v Speaker 5>The great question, but it's almost all of the above.

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<v Speaker 5>I mean, of course, my check managing what I would

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<v Speaker 5>call sant rolo abdominal fat because everybody talks about obesity,

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<v Speaker 5>what really matter how much FA do you have in

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<v Speaker 5>your abdomenins that surrounds you your liver, your punkreas, your

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<v Speaker 5>heart and creates inflammation and insulin resistance and all the consequences.

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<v Speaker 4>We can think about hypertension and others.

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<v Speaker 5>So this is really a big epedemic globally. We need

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<v Speaker 5>to address that and that's what companies like lilian Over

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<v Speaker 5>are doing today and we are we want to do.

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<v Speaker 4>This with all agents.

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<v Speaker 5>But then you know, we have development in antibody drug conjugates,

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<v Speaker 5>We have developments in by specific antibodies for cancer. One

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<v Speaker 5>of the most exciting new technology is cell therapy because

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<v Speaker 5>cells upy will apply to ematology, cancers, but also potentially

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<v Speaker 5>sol tumors and immune diseases. We have no cases, small

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<v Speaker 5>numbers early days, but small cases that young women who

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<v Speaker 5>suffer from lupus, which is a terrible disease.

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<v Speaker 2>Can be family member who has lucas, it.

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<v Speaker 5>Can be I mean, these patients their life is about

0:12:04.000 --> 0:12:07.800
<v Speaker 5>taking drugs. Theories with all the consequences. You can imagine

0:12:08.520 --> 0:12:11.280
<v Speaker 5>the organs are destroyed over time by the disease, they

0:12:11.280 --> 0:12:13.920
<v Speaker 5>can be cured. You have people with my looma that

0:12:14.040 --> 0:12:17.880
<v Speaker 5>can be cured. And so as we progress this technology

0:12:17.920 --> 0:12:21.520
<v Speaker 5>and make it more usable, is more easily usable, and

0:12:21.640 --> 0:12:27.280
<v Speaker 5>more affordable, it can really transform many fields of medicine,

0:12:27.440 --> 0:12:29.880
<v Speaker 5>phrom oncology to iminology.

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<v Speaker 6>I know you've had an amazing tenure at Astra and

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<v Speaker 6>there's sort of an obsession in the UK with your

0:12:36.600 --> 0:12:39.400
<v Speaker 6>succession plans and what comes next. You know, not to

0:12:39.440 --> 0:12:41.800
<v Speaker 6>say that you're leaving anything you don't. We don't want

0:12:41.800 --> 0:12:44.880
<v Speaker 6>you to go. What do you want to accomplish before

0:12:45.679 --> 0:12:47.600
<v Speaker 6>you and your tenure at Astra.

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<v Speaker 5>Well, one of the things is that I wanted to

0:12:51.240 --> 0:12:52.640
<v Speaker 5>do is have a great team, and I have a

0:12:52.640 --> 0:12:53.120
<v Speaker 5>great team.

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<v Speaker 4>That's it.

0:12:53.720 --> 0:12:57.040
<v Speaker 5>I have really a fantastic team, and that's why what

0:12:57.160 --> 0:13:00.000
<v Speaker 5>you should worry about my succession. We have a great

0:13:00.160 --> 0:13:03.040
<v Speaker 5>team and people who can succeed me. So that's I

0:13:03.040 --> 0:13:06.480
<v Speaker 5>think one thing, and we need to we constantly try

0:13:06.520 --> 0:13:09.600
<v Speaker 5>to improve the team, not only my direct reports, but

0:13:09.640 --> 0:13:11.680
<v Speaker 5>they are direct reports and the company as a whole.

0:13:12.480 --> 0:13:19.000
<v Speaker 5>Two is the second piece is almost unachievable because science

0:13:19.120 --> 0:13:23.760
<v Speaker 5>is never going to be stopping. And the more I progress,

0:13:23.800 --> 0:13:27.200
<v Speaker 5>the older it gets, the more science get exciting and

0:13:27.240 --> 0:13:30.280
<v Speaker 5>the more excited you. I mean, there's no better time

0:13:30.360 --> 0:13:33.400
<v Speaker 5>to be in our industry than there's so much innovation,

0:13:34.040 --> 0:13:36.880
<v Speaker 5>so much hope to cure diseases that can't be cured today.

0:13:37.400 --> 0:13:41.680
<v Speaker 5>And the last thing was really to finish our site

0:13:41.720 --> 0:13:45.720
<v Speaker 5>in Cambridge, because I keep joking internality, I want to

0:13:45.720 --> 0:13:48.000
<v Speaker 5>have the two Cambridges, one in Cambridge, you care when

0:13:48.000 --> 0:13:49.360
<v Speaker 5>in Cambridge and bos them.

0:13:49.840 --> 0:13:50.680
<v Speaker 4>But that's for the joke.

0:13:50.760 --> 0:13:54.200
<v Speaker 5>But the most exciting really is the science and the

0:13:54.240 --> 0:13:58.120
<v Speaker 5>pursuit of new technologies and new products that will make

0:13:58.160 --> 0:14:01.760
<v Speaker 5>a difference and change the few Joe medicine. So that's

0:14:01.760 --> 0:14:04.520
<v Speaker 5>those other things I want to add, Rice, But I

0:14:04.559 --> 0:14:07.320
<v Speaker 5>have to accept that some is going to catch up

0:14:07.360 --> 0:14:07.640
<v Speaker 5>with me.

0:14:07.760 --> 0:14:10.120
<v Speaker 2>And unless you create a pill that keeps us going,

0:14:10.640 --> 0:14:14.040
<v Speaker 2>I'm kind of giving my fingers crossing exactly glp ones right.

0:14:14.160 --> 0:14:16.880
<v Speaker 2>We think it's going to be. You're all, Pascal, we

0:14:16.920 --> 0:14:19.240
<v Speaker 2>really enjoyed this. Thank you so much for having me

0:14:19.360 --> 0:14:21.600
<v Speaker 2>for all the time. Pascal Sorio. He is astrosenic as

0:14:21.640 --> 0:14:23.960
<v Speaker 2>chief executive officer, and of course Bloomberg News his own

0:14:23.960 --> 0:14:26.720
<v Speaker 2>health reporter Madison Muller, always a must read on the

0:14:26.760 --> 0:14:28.720
<v Speaker 2>Bloomberg and at bloomberg dot com,