Outstanding Q1 growth in sales and profits have pleased the markets, and investors are now keen to hear more about AstraZeneca’s 2030 masterplan at its investor day next month.

Not content with fulfilling its decade-long $45bn sales target, AstraZeneca is now preparing for Act 2: a new 10-year 'cycle of growth'.

As the rollout of volume-based procurement to more products brings more pain, drug makers are exploring different China strategies. One indicator, though, is clear - local innovation and distribution can’t be ignored anymore.

A bumper December of licensing transactions and acquisitions involving biotech companies brought the feelgood factor back to the sector. But while big spending in the run-up to Christmas may not dent pharma’s credit cards, it might crimp its investors’ dividends.