07:54 AM EST, 12/18/2024 (MT Newswires) -- AstraZeneca's ( AZN ) sales in China have been hurt following the arrest of its country president, Leon Wang, and several other senior executives, the Financial Times reported Wednesday, citing company insiders.

The British pharmaceutical giant is bracing for a noticeable revenue decline, particularly in the sales of oncology drugs, which are at the center of investigations by Chinese authorities, the report said, citing two people familiar with the matter.

Executives at AstraZeneca ( AZN ) have not received any formal explanation from Chinese authorities regarding the arrests, and they have been unable to contact Wang, according to the Financial Times.

The company declined to comment on the investigations or their potential impact on its financial performance, the report said.

It added that despite the challenges, AstraZeneca ( AZN ) remains hopeful that sales of its cancer treatment, Enhertu, could help mitigate some of the financial impact, according to those familiar with the company's position.

AstraZeneca ( AZN ) did not immediately respond to MT Newswires' request for comment.

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