The Courier & Advertiser (Angus and Dundee)
Astrazeneca focused on adapting vaccine to new Covid strains
Drugs giant Astrazeneca confirmed it is focusing efforts on adapting its Covid-19 vaccine developed with Oxford University to new strains of the disease, as it revealed annual profits more than doubled.
The group is also working on cutting the time needed to reach production at scale of the vaccine to between six and nine months.
The announcement came as the company reported pre-tax profits of 3.92 billion US dollars (£2.83bn) for 2020.
The haul marks a significant rise on the 1.55bn US dollars (£1.12bn) profits seen in 2019, despite offering its coronavirus jab on a notfor-profit basis.
But the vaccine helped boost revenues over the year, contributing 2 million US dollars (£1.44m) to total turnover of 26.6bn US dollars (£19.21bn), a rise of 10%.
Operating profits surged to 5.16bn US dollars (£3.73bn), up 81% with currency effects stripped out, as the firm hailed the success of fastgrowing new medicines.
Astrazeneca said it expects to deliver revenue growth in the “low-teens” over 2021, though it stressed the guidance does not include any sales or profit impact from the coronavirus jab or its planned takeover of US group Alexion Pharmaceuticals.
Together with Oxford University, it is “focused on adapting C19VAZ to new disease strains if required and hopes to reduce the time needed to reach production at scale to between six to nine months, by utilising existing clinical data and optimising its established supply chain”.
Gina Wallace co-founded The Workshop Aberfeldy in June 2014. The charity creates a bridge between education and employment for young people in Highland Perthshire.
Q.
How and why did you start in business?
A: I worked in corporate social responsibility with global companies. An opportunity came up in youth entrepreneurship and I helped to build an organisation at the centre of a network of 42 charities enabling young people to start their own business. Then I had a family and wanted to work closer to home.
Q. How did you get to where you are today?
A: The move into running a social enterprise happened naturally. My co-founder Paul Parmenter knows all about running a workshop,
I know how to run a charity. We’re both passionate about helping people, so it’s a great partnership.
Q. Who has helped you along the way?
A: I’ve worked with some really bright people from a variety of backgrounds who have found their way into the charitable sector at various points in their careers. There are also some fantastic organisations set up to support people get started. Growbiz have been great for us for business advice and networking opportunities. Firstport have provided a lot of help specifically for social enterprises.
Q. What was your biggest mistake?
A: There have been lots! But thankfully mostly small ones…so far. It really helps to have another person to talk things through with.
Q. What is your greatest achievement to date?
A: Helping people change their lives. We’ve worked with people with really challenging circumstances, and seeing them develop, gain self-confidence and take on things they never would have thought possible really does make us feel amazing. For some that can be as simple as having the confidence to answer a telephone, right through to going to university.
Q. How has coronavirus impacted your business?
A: Like most businesses, it’s been really tough. We’ve had long periods when we haven’t been able to have trainees or volunteers in, which is frustrating. Our sales have been significantly hit, which is scary. But we’ve also had some really positive feedback, with people wanting to support us and trying to ensure we survive.
Q. What do you hope to achieve in the future?
A: As (hopefully) the business regrows, we’ll be able to take advantage of new opportunities presented by these last few months. It feels that the work we do is more relevant than ever. With unemployment high, giving our local community the opportunity to gain skills and work experience will give them the edge when it comes to finding jobs.
Q. Do you want to recruit in the future?
A: We’re always looking for opportunities to work with more people, either as trainees or (as funding allows) employees.
Q. What is the hardest thing about running your own business?
A: Feeling responsible for staff, particularly when things are tough and uncertain. And definitely trying not to let work seep too much into the rest of life.
Q.
Any advice to wannabe entrepreneurs?
A: Talk to everyone you can about your plans. There are lots of people with good advice, or a simple suggestion you might not have thought of. Or it’ll reassure you that you have actually thought of that!