AstraZeneca sees reduced share buyback in 2008

LONDON (Reuters) - AstraZeneca Plc (AZN.L) will reduce its share buyback program in 2008 from the $4 billion level planned in 2007, following the acquisition of U.S. biotech firm MedImmune Inc. MEDI.O.

Chief Financial Officer Jon Symonds said the all-cash $15.2 billion deal would increase balance-sheet leverage and management would take a pragmatic approach to further buybacks, given possible opportunities for other smaller acquisitions.

"The board will want to make sure that we maintain capacity for opportunities in future," he told reporters in a conference call on Monday.

"I don't think it (the 2008 buyback) will be at 2007 levels but I don't think it will be zero."