AstraZeneca is set to resume its paused Cambridge R&D expansion, investing £300mn to finish the Rosalind Franklin building and open a new lab in Macclesfield. CEO Pascal Soriot tied the move to the UK‑US trade deal that lifted NHS cost‑effectiveness thresholds, signalling a shift in government‑pharma relations.

Under the deal, Britain agreed to raise drug‑price thresholds and offer up to 25% more for medicines, a promise still pending detail from ministers. The announcement came after Merck cancelled a £1bn London research centre and Eli Lilly paused a capital‑city lab, underscoring pharma’s demand for a more competitive environment.

Q1 results showed total revenues of $15.3bn, up 13% year‑on‑year and 8% on a constant‑rate basis, driven by 16% growth in oncology and 15% in rare disease sales. Core earnings per share rose 5% to $2.58, and AstraZeneca reaffirmed its $80bn 2030 target and single‑digit revenue growth guidance.

Shares fell 2.7% on the announcement, reflecting investor caution amid the broader debate over UK drug‑pricing policy. The move signals that firms will reassess UK investment after the government’s pledge to increase spending, potentially reshaping the country’s attractiveness to life‑science companies.