David Brennan, chief executive at the pharmaceutical company announced his resignation hours before a shareholder meeting. AstraZeneca has been hit by losses from a limited pipeline of new drugs on the market after poor drug trials and heavy competition from rival firms.

First-quarter profits dropped 40 percent, well under market expectation in addition to future negative predictions on AstraZeneca’s profits for the year.

Mr Brennan said: "I have decided that now is the right time to step down and allow a new leader to take the reins."