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AstraZeneca (AZN.US) hit a new high of over $200bn after betting on a blockbuster cancer drug.

AInvestWednesday, Aug 14, 2024 5:30 am ET
1min read

Shares in AstraZeneca (AZN.US) have risen 0.5% to a record high on Wednesday, extending this year's gains to 22%, and pushing its market capitalisation above £200bn for the first time.

The UK's largest listed company has been outpacing Shell (SHEL.US) since April, and is ranked seventh in Europe by market value in dollar terms.

"Its growth has been steady, and its potential in cancer treatments and some weight-loss drugs has attracted investors' attention," said Danni Hewson, head of financial analysis at AJ Bell.

"It's also good news for the London market, which has been struggling to stay relevant."

Pascal Soriot, the CEO who has run AstraZeneca since 2012, has boosted its share price and won plaudits since his failed takeover bid by Roche in 2014. By 2023, his bet on cancer drugs will have generated more than $45bn in annual revenues, and he hopes to double sales by 2030.

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